Scott’s Addition is set to get another major mixed-use project after an entire city block in the neighborhood changed hands last week.
Greystar, a South Carolina-based developer, paid $8.6 million for the 2.4-acre parcel at 1601 Roseneath Road, where it is planning a five-story, mixed-use building featuring 350 apartments and 10,000 square feet of ground-floor retail space. Local real estate firm Capital Square 1031 is the co-developer on the project.
The block is bounded by MacTavish Avenue, Roseneath Road, and West Moore and Norfolk streets. Five different industrial buildings sit on the site, including the warehouse for now-defunct grocer Relay Foods.
The deal closed Dec. 16, and a city assessment most recently assessed the land at $2.75 million.
The seller in the deal was an entity tied to Andrew R. Little of Midlothian, which bought the property in 2011 for $1.9 million, city property records show. Divaris Real Estate’s Read Goode and Cheryle Toy are representing Greystar in leasing the development’s commercial space.
The project has been in the works since at least last fall, and earlier this month Greystar began filing building permits. Greystar did not respond to requests for comment by press time.
Per its website, Greystar’s only other holdings in the area are the Everleigh and Avia apartments and in Short Pump.
The Greystar deal closed on the same day that VCU finalized its purchase of more land in the greater Scott’s Addition area. Last week, VCU purchased 2601 Hermitage Road, a parcel of land where it’s planning its future athletics village.