Less than a week after spending $10 million for a 23-acre site near Short Pump, a prolific area builder put down nearly half that amount for roughly 2 acres in the city — putting the final piece of its next Richmond development in place.
Stanley Martin Homes has finalized its purchase of about 2¼ acres at 1480 and 1500 W. Moore St., where it plans to build the bulk of its recently approved Carver Square condominiums. The Reston-based builder paid $4 million in a deal that closed Nov. 4, according to an announcement from Divaris Real Estate.
Divaris agents Read Goode and Cheryle Toy represented Stanley Martin in the purchase. The transaction was not reflected on city property records available online as of Tuesday afternoon.
The purchase secures the final piece of a three-parcel assemblage that will house Carver Square, approved for 90 “two-over-two”-style units, meaning two-level condos stacked on top of each other within four-story buildings. The project, which secured zoning approval last month, will be the company’s second in the city, following the under-construction Stony Point Landing in the Bon Air area.
Stanley Martin had previously secured the third parcel for Carver Square: a 1.3-acre site at 1027 N. Lombardy St. that it purchased in March for $3.9 million. One South Commercial’s Lory Markham and Ann Schweitzer represented the seller in that deal.
Commonwealth Commercial’s Ben Bruni and Ryan Fanelli had the Moore Street listings, representing property owner John Bottger, who previously owned Argus Steel. The metal supplier has since relocated to Hanover County.
The Moore Street properties include a 37,000-square-foot industrial building, built in 1900, that is to be demolished to make way for the condos. The building, across from Maggie L. Walker Governor’s School, is along Lombardy Street just north of four townhomes that will also be razed.
Jeremy Swink, Stanley Martin’s vice president of land for the region, has said the company hopes to start building its first set of condos at Carver Square by summer next year, with its first residents moving in by the end of that year.
Prices for the condos have not been set, but the units would be comparable in price and size to the company’s other two-over-two product in the region, with lower-level floorplans typically 1,500 square feet in size, and upper units totaling 2,500 square feet.
The Moore Street purchase came less than a week after Stanley Martin closed on its $10.2 million purchase of a 23-acre site at 12401 W. Broad St., where it’s approved to build 194 for-sale condos and townhomes as part of its planned “WestGate” development. The site is just east of the Henrico-Goochland line, on the south side of Broad across from the company’s Saunders Station at Broad Hill Centre condos.