The next phase of Rocketts Landing is ready to lift off.
Developer WVS Cos. sold a 1.9-acre parcel at 4501 E. Main St. to PRG Real Estate for $3.96 million, a deal which paves the way for the Block 8 apartments, a $45 million, six-story, 199-unit building that WVS began planning in March.
PRG is a Philadelphia-based real estate investment and property management firm with which WVS has worked on many of its projects. PRG CEO Sam Foster said his company owns a stake in and manages other WVS properties, including Innslake Place, East 51 at Rocketts Landing and the Locks and South Falls Towers downtown.
“We let (WVS) do the development, we don’t deal with that at all. We’re the majority of the equity and we manage all the properties, too. We’re the operating partner and the equity partner,” Foster said.
The project will sit on just under 4 acres near the intersection of Nicholson and East Main streets, including the 1.9-acre eastern portion that was the subject of this latest deal. WVS owns the western 1.9 acres at 4401 E. Main St. Foster said PRG won’t be purchasing the remaining acreage.
The majority of the F-shaped building’s apartments will be 618-square-foot, one-bedroom units that will rent for about $1,300 per month, around $2.10 per square foot per year.
The complex also will feature 248 parking spaces and 6,800 square feet of office space on the ground floor.
A fueling station and a pair of small buildings, all of which are abandoned, currently sit on the property, and Foster said they’re preparing to break ground any day now.
“We’ve already cleared out the trees. We’re moving,” Foster said. “We don’t wait too long.”
As work gets underway on Block 8, Foster said many of their other projects with WVS are approaching the finishing line.
“The South Falls tower’s in lease up right now, and Innslake should be delivering in June,” Foster said.
Just east of Rocketts Landing, a North Carolina-based developer is working on Fulton Yard, a phased, mixed-use project on 23 acres on the Richmond-Henrico county line.