A rendering of the planned 7-story Soda Flats development next to the Hofheimer building in Scott’s Addition. (Courtesy city documents)
Pandemic be damned, the COVID-fueled economic downturn didn’t seem to slow down development interest in the Richmond region in 2020.
Here’s a recap of some of the biggest projects that made headlines in Richmond this year:
Greater Scott’s Addition
The intersection of Ownby Lane and Overbrook Road continued to draw developer interest this year. Spy Rock Real Estate is planning a major mixed-use project that will place around 300 apartments and condos on six acres surrounding Hardywood Park Craft Brewery, which is renovating its taproom in the neighborhood.
A block north, VCU continued to assemble land for its planned athletics village near the Diamond, spending $15 million to acquire 15 acres over the course of the year.
Nearby on Arthur Ashe Boulevard, a D.C. developer began planning a 6-story, 148-bedroom co-housing project.
Scott’s Addition’s historic district saw its usual dose of mixed-use interest as well. A second phase of Scott’s Edge is in the works on Belleville Street, Bank Street Advisors are planning a 7-story mixed-use building next to the Hofheimer building on West Broad, and an entire block of the neighborhood is set to be converted into a 350-unit project on Roseneath Road.
So long, surface lots
Surface parking lots were often in the crosshairs of developers both local and regional in 2020.
The 5.3 acres planned for a mixed-use development are bound by East Broad, North 17th and Oliver Hill Way, near the East Broad Street exit off I-95. (Michael Schwartz photo)
In Shockoe Bottom, the Loving family of Loving’s Produce are working with developers to rezone 300, 400 and 510 Oliver Hill Way as they’re beginning work on a mixed-use project. Details are scant still, but prospective grocery and retail tenants are already interested.
A nearby parking lot on East Main sold to a Northern Virginia developer for $1.9 million, and a few miles up Main Street in the Fan, a former councilman is planning to fill in two lots with a pair of 3-story mixed-use buildings.
Bank Street Advisors bought the land for and began work on One Canal, a 138-unit building in Monroe Ward. Meanwhile, a few blocks northwest, Chicago-based Pinecrest is planning to build a 15-story student housing building on a surface lot at 321 W. Grace St.
Heading downtown
Over near VCU, Minnesota’s Opus Group recently began work on a 12-story apartment building on a former gas station site near the intersection of West Broad and North Lombardy streets.
Two downtown office towers are set to get new uses: the Mutual Building at 909 E. Main St. sold to a local development group that’s looking to convert it into nearly 200 apartments, and Douglas Development is planning to turn the former Virginia DEQ building into a similar amount of units.
CoStar is buying the downtown Richmond office building it shares with WestRock. (BizSense file)
The biggest spender downtown in 2020 was CoStar Group. The D.C. real estate data firm paid $20 million for 4 acres on Tredegar Street for a rumored office tower, only to follow that up by putting the WestRock building under contract.
To the ’burbs
Multifamily development was the name of the game in 2020 in Richmond’s surrounding counties.
Blackwood Development is planning a nearly 300-unit mixed-use project in Short Pump. (Courtesy of One Pouncey)
In Henrico, the Laurel Park Shopping Center is set to be razed to make way for a 350-unit project on its 16 acres, and in Short Pump, Blackwood Development began work on One Pouncey, a 7-building project on 10 acres at the intersection of Pouncey Tract Road and Twin Hickory Lake Drive. In Innsbrook, Dominion Realty Partners recently filed plans for a 360-unit project near Dominion Energy’s campus.
Bristol Development Group bought the land it needs for a 262-unit building in the Westwood area. The Tennessee-based firm is also looking to add over 330 units near West Creek.
A conceptual rendering of Courthouse Landing from a project flyer.
In Chesterfield, the nearly $300 million, mixed-use Courthouse Landing project was approved, which will add 600 multifamily units. In western Chesterfield, the next phase of Cosby Village was recently announced, which will add over 300 units to Midlothian.
Manchester rising
Manchester alone had so many deals close and plans filed for new developments, that it warrants its own year-end roundup. Click here.
A rendering of the planned 7-story Soda Flats development next to the Hofheimer building in Scott’s Addition. (Courtesy city documents)
Pandemic be damned, the COVID-fueled economic downturn didn’t seem to slow down development interest in the Richmond region in 2020.
Here’s a recap of some of the biggest projects that made headlines in Richmond this year:
Greater Scott’s Addition
The intersection of Ownby Lane and Overbrook Road continued to draw developer interest this year. Spy Rock Real Estate is planning a major mixed-use project that will place around 300 apartments and condos on six acres surrounding Hardywood Park Craft Brewery, which is renovating its taproom in the neighborhood.
A block north, VCU continued to assemble land for its planned athletics village near the Diamond, spending $15 million to acquire 15 acres over the course of the year.
Nearby on Arthur Ashe Boulevard, a D.C. developer began planning a 6-story, 148-bedroom co-housing project.
Scott’s Addition’s historic district saw its usual dose of mixed-use interest as well. A second phase of Scott’s Edge is in the works on Belleville Street, Bank Street Advisors are planning a 7-story mixed-use building next to the Hofheimer building on West Broad, and an entire block of the neighborhood is set to be converted into a 350-unit project on Roseneath Road.
So long, surface lots
Surface parking lots were often in the crosshairs of developers both local and regional in 2020.
The 5.3 acres planned for a mixed-use development are bound by East Broad, North 17th and Oliver Hill Way, near the East Broad Street exit off I-95. (Michael Schwartz photo)
In Shockoe Bottom, the Loving family of Loving’s Produce are working with developers to rezone 300, 400 and 510 Oliver Hill Way as they’re beginning work on a mixed-use project. Details are scant still, but prospective grocery and retail tenants are already interested.
A nearby parking lot on East Main sold to a Northern Virginia developer for $1.9 million, and a few miles up Main Street in the Fan, a former councilman is planning to fill in two lots with a pair of 3-story mixed-use buildings.
Bank Street Advisors bought the land for and began work on One Canal, a 138-unit building in Monroe Ward. Meanwhile, a few blocks northwest, Chicago-based Pinecrest is planning to build a 15-story student housing building on a surface lot at 321 W. Grace St.
Heading downtown
Over near VCU, Minnesota’s Opus Group recently began work on a 12-story apartment building on a former gas station site near the intersection of West Broad and North Lombardy streets.
Two downtown office towers are set to get new uses: the Mutual Building at 909 E. Main St. sold to a local development group that’s looking to convert it into nearly 200 apartments, and Douglas Development is planning to turn the former Virginia DEQ building into a similar amount of units.
CoStar is buying the downtown Richmond office building it shares with WestRock. (BizSense file)
The biggest spender downtown in 2020 was CoStar Group. The D.C. real estate data firm paid $20 million for 4 acres on Tredegar Street for a rumored office tower, only to follow that up by putting the WestRock building under contract.
To the ’burbs
Multifamily development was the name of the game in 2020 in Richmond’s surrounding counties.
Blackwood Development is planning a nearly 300-unit mixed-use project in Short Pump. (Courtesy of One Pouncey)
In Henrico, the Laurel Park Shopping Center is set to be razed to make way for a 350-unit project on its 16 acres, and in Short Pump, Blackwood Development began work on One Pouncey, a 7-building project on 10 acres at the intersection of Pouncey Tract Road and Twin Hickory Lake Drive. In Innsbrook, Dominion Realty Partners recently filed plans for a 360-unit project near Dominion Energy’s campus.
Bristol Development Group bought the land it needs for a 262-unit building in the Westwood area. The Tennessee-based firm is also looking to add over 330 units near West Creek.
A conceptual rendering of Courthouse Landing from a project flyer.
In Chesterfield, the nearly $300 million, mixed-use Courthouse Landing project was approved, which will add 600 multifamily units. In western Chesterfield, the next phase of Cosby Village was recently announced, which will add over 300 units to Midlothian.
Manchester rising
Manchester alone had so many deals close and plans filed for new developments, that it warrants its own year-end roundup. Click here.