Editor’s Note: This story has been updated with new information received after publication.
More details have emerged about a sizable mixed-use project in the works on North Arthur Ashe Boulevard.
Washington, D.C.-based Level 2 Development and SJG Properties are the developers eyeing the 3.3-acre assemblage at 1117-1209 N. Arthur Ashe Blvd. for an $80 million mixed-use project. The site is currently home to tenants including Buz and Ned’s Real Barbecue, furniture rental company Cort and video production studio Tilt Creative.
Richmond BizSense previously reported the property was under contract to be sold, but the identity of the buyer wasn’t known at the time.
Level 2 confirmed their plans for the project Monday morning, announcing that they’re planning 300 apartment units and 14,000 square feet of retail space at the development, which is referred to as “Leigh Addition.”
Renderings included in marketing materials from Thalhimer, which will handle leasing of the commercial space, show that the buildings at 1117, 1119 and 1203 N. Arthur Ashe Blvd., including Buz and Ned’s restaurant space, would be razed to make way for an approximately seven-story, 100,000-square-foot mixed-use building.
The developers are planning to break ground in August 2022 and a two-year construction period would follow.
Local investor and landlord Ed Lacy is the seller and has owned the bulk of the land for decades.
The 17-year-old Level 2 has built over 1,500 apartments mostly in the D.C. area.
Its portfolio includes both historic renovation and new construction projects, the latter of which typically have between 150 and 400 units.
SJG has been developing residential and commercial buildings in the D.C. area since 1965. Its portfolio now includes over 800,000 square feet of mixed-use buildings.
Level 2’s announcement confirmed that Cort and Tilt’s building at 1207 N. Arthur Ashe Blvd. will remain. A 13,000-square-foot industrial building to the north at 1209 N. Arthur Ashe Blvd. would remain available for lease as flex or creative office space.
About 24,000 square feet of the new building would be ground-floor retail space, split between three spaces. Thalhimer’s Connie Jordan Nielsen has the listing.
With an assessed value of about $9 million, the pending sale is likely to be among the highest-priced land deals in the Scott’s Addition area in recent years.
Level 2 is the latest D.C.-area developer to take an interest in the neighborhood.
Lerner Enterprises, the development arm of the Lerner family that who also owns the Washington Nationals baseball team, is working on a 350-unit building at 2924 W. Marshall St. Local developer Capital Square is working with Lerner on that project.