A nearly 5-acre tract at the eastern edge of Church Hill that for years has been floated for residential development is in the hands of a new owner who’s planning just that.
Local developer Daniil Kleyman purchased the hillside tract at 401-415 N. 35th St., in an off-market deal that he said closed Aug 11. The $2.5 million deal had not been recorded with the city as of Wednesday.
The site, at the eastern terminuses of Clay and Marshall streets between 35th Street and Glenwood Avenue, is just north of another undeveloped site where Kleyman is planning a $20 million project with 122 apartments.
Kleyman purchased that site, a 2.5-acre assemblage at 3800 Government Road, in 2016 for $830,000. He said he’d been eyeing the 35th Street site ever since and had been in negotiations with seller Frank Wood on and off over the years before striking a deal.
“It’s a great location in Church Hill and there’s nowhere else nearby where you can find almost 5 acres already correctly zoned,” Kleyman said.
The site has been marketed over the years for residential development, with zoning in place that could allow for over 200 units. SVN/Motley’s listed the site in 2018 for Wood, who bought the bulk of the land in 2001 in a tax auction for $20,000. A second parcel was purchased that year for $23,000 in a separate deal to complete the assemblage.
The two parcels were most recently assessed by the city at $735,000 combined.
Kleyman said he doesn’t have definite plans for the property but that it most likely would be filled with market-rate multifamily units or a combination of rental units and for-sale housing.
He said the development would also include a commercial component, as he’s planning with the Government Road site and has done with other developments in the Church Hill area, such as his and Matt Jarreau’s mixed-use development that’s taking shape along Jefferson Avenue.
“Whatever we’ll do here, it’ll be a high-quality product and will likely have a corner commercial component to further amenitize the neighborhood,” Kleyman said. “I’ve been fortunate to be able to work with some phenomenal commercial tenants in Church Hill … so would love to continue adding to the walkability and appeal of the neighborhood.”
He said construction wouldn’t start for at least 18 months, after he’s gotten underway on the Government Road site. He previously told BizSense he’s looking to break ground on that project in spring 2022 with an 18-month buildout.
“It’s a tricky piece of land because of topography, soil conditions and a sewer cutting through the middle of the site,” Kleyman said of the 35th Street site. “But I have an opportunity to do something unique here that will work with the topography and some other features that likely scared off other developers.”
The site once housed the since-demolished Chimborazo Village apartments, which consisted of five two-story buildings, according to an SVN/Motley’s flier from 2018. The flier said development proposals floated over the years indicated that the site could accommodate more than 200 residential units.
In recent years, new apartments have been built nearby, including Glenwood Ridge, an 82-unit building completed last year by South Carolina-based developer James Doran Co.
Another development, The Lofty, a 33-unit apartment complex at the Marshall Street terminus, was developed in 2015 by Margaret Freund’s Fulton Hill Properties, which sold the half-acre property in 2018 for $6.6 million after buying it from Wood in 2004 for $185,000.
Also nearby, the 23-unit Glenwood Hill Townhomes at Glenwood and 35th were upgraded in recent years after selling in 2017 for $1.3 million.
Kleyman’s purchase is the latest in a string of recent deals that are stretching his reach beyond Church Hill. Across the river in Manchester, Kleyman is currently developing two sites along Bainbridge Street with infill projects that will add 20 apartments and a corner commercial space.