While the city prepares to issue a request for proposals for the future of the Diamond District, developers are hungry for surrounding parcels around the newly-named neighborhood.
Last week, Thalhimer Realty Partners purchased the 2-acre property at 953-957 Myers St. for $7.9 million, per city records.
The site abuts West Leigh Street, just east of North Arthur Ashe Boulevard and south of The Diamond. The deal was recorded with the city on Oct. 19.
A pair of industrial buildings totaling 53,000 square feet sits on the property, housing tenants like Autopart International, Builders Cabinet Co. and wine distributor Virginia Imports.
TRP principal Matt Raggi said in an email that redevelopment of the site is at least a few years out.
“There are not too many 2-plus acre undeveloped sites left in Scott’s Addition with high density zoning already in place and we viewed it as an attractive long-term development opportunity in a great location where we could do a sizable project,” Raggi said.
City property records show the land had been owned by the Wyatt Family dating back to the 1980s. Attempts to reach Frank Wyatt were unsuccessful.
Zoned TOD-1 Transit-Oriented Nodal district, the property was most recently assessed by the city at a combined $8.3 million.
The deal came about a week after the City of Richmond began taking steps toward soliciting development proposals for about 67 acres of mostly city-owned land to the north, an area it’s now referring to as the Diamond District.
The Myers Street parcel is flanked by both a recently completed development as well as a forthcoming project.
To the south is The Scout, an office and apartment project from Spy Rock Real Estate Group that wrapped up last year. Across Myers Street to the west would be the planned “Leigh Addition,” an $80 million mixed-use project that would rise on 3.3 acres fronting Arthur Ashe Boulevard from a pair of D.C developers.
Raggi said TRP’s new Myers Street holding could join its neighbors in having a mix of uses.
“In two to three years, this stretch of Arthur Ashe Boulevard should look a lot different with several other projects already planned or underway,” Raggi said. “We think this particular site is well positioned for mixed-use that would include retail and commercial uses along Leigh Street and mid- to high-rise residential above.”
It’s been an exceptionally busy year for TRP, the development arm of the local commercial real estate brokerage Thalhimer.
TRP opened the year with plans for a 126-unit building along Belleville Street in Scott’s Addition and is working on a 272-unit project with Charlotte’s Crescent Communities at 2902 N. Arthur Ashe Blvd. It also added to its holdings near The Diamond, spending $2 million for a warehouse at 1717 Rhoadmiller St.
Further north into the Chamberlayne Avenue corridor, TRP bought 3.5 acres of surface parking lots for $2.75 million, but is also staying busy across the river in Manchester. TRP filed plans in September for a 271-unit project at 423 Hull St.
The company also has turned its attention to the Willow Lawn area, where it’s planning a joint venture that would bring nearly 600 apartments to the neighborhood.