Tom Papa bought an acre in Manchester which is currently home to a warehouse. (Mike Platania photos)
With work underway on a new project nearby, Tom Papa has snagged a neighboring Manchester parcel in a long-term play.
Last week, the veteran Richmond developer purchased the nearly 1-acre plot at 600-618 Decatur St. for $2 million.
Tom Papa
Catty-corner to the land is 501 Decatur St,. where Papa’s Fountainhead Real Estate Development is preparing to go vertical with The Box, a seven-story, 118-unit, mixed-use building that he set in motion last summer.
The added land runs the length of Decatur from East 6th to East 7th streets, with a 16,500-square-foot warehouse occupying part of the land. The building, however, is in rough shape with water leaks among other issues.
“It’s not anything we’d ever consider keeping,” Papa said, noting that in the near-term they’ll use the warehouse and land as staging and support area for The Box’s construction.
Long-term, Papa said, he expects he’ll build a mixed-use development on the land.
“We’re not breaking ground anytime soon, just working our way through what the highest and best use for it will be,” Papa said.
The deal closed Dec. 7. The seller was an entity tied to the Ackman family. The Ackmans have run residential realty firm Ackman Realty since the 1970s, per their website.
Assessed at a combined $949,000, the land sold at a similar per-acre price as other deals in the area in recent years at $2 million per acre.
Across the street at The Box, Papa said they’ve finished digging out land for the project’s below-ground parking deck.
Excavation on The Box’s parking garage is completed and they’re getting ready to pour concrete.
“Everything from here on out starts going up. We dug the hole and put the footings in the ground, then we’ll start pouring the foundation, then get the walls up,” he said.
He said he’s already received some interest in The Box’s 4,000 square feet of commercial space.
“We don’t have anything firm, but the folks that are talking to us (are) the usual suspects: people that want a food/entertainment presence in Manchester,” Papa said. “They’re in other parts of town, but this is a wholly different market from Scott’s Addition. You’re not competing with yourself if you open something else in Manchester.”
Papa’s got another seven-story project in the works a few blocks north along Decatur Street. Fountainhead and WVS Cos. are planning to redevelop part of the Plant Zero complex at 13 E. 3rd St. into a 238,000-square-foot building with over 200 apartments and townhomes along with ground-floor commercial space.
North of the river, the duo are also planning the final two buildings of the Locks project that would bring over 250 apartments across two buildings fronting the canal.
Tom Papa bought an acre in Manchester which is currently home to a warehouse. (Mike Platania photos)
With work underway on a new project nearby, Tom Papa has snagged a neighboring Manchester parcel in a long-term play.
Last week, the veteran Richmond developer purchased the nearly 1-acre plot at 600-618 Decatur St. for $2 million.
Tom Papa
Catty-corner to the land is 501 Decatur St,. where Papa’s Fountainhead Real Estate Development is preparing to go vertical with The Box, a seven-story, 118-unit, mixed-use building that he set in motion last summer.
The added land runs the length of Decatur from East 6th to East 7th streets, with a 16,500-square-foot warehouse occupying part of the land. The building, however, is in rough shape with water leaks among other issues.
“It’s not anything we’d ever consider keeping,” Papa said, noting that in the near-term they’ll use the warehouse and land as staging and support area for The Box’s construction.
Long-term, Papa said, he expects he’ll build a mixed-use development on the land.
“We’re not breaking ground anytime soon, just working our way through what the highest and best use for it will be,” Papa said.
The deal closed Dec. 7. The seller was an entity tied to the Ackman family. The Ackmans have run residential realty firm Ackman Realty since the 1970s, per their website.
Assessed at a combined $949,000, the land sold at a similar per-acre price as other deals in the area in recent years at $2 million per acre.
Across the street at The Box, Papa said they’ve finished digging out land for the project’s below-ground parking deck.
Excavation on The Box’s parking garage is completed and they’re getting ready to pour concrete.
“Everything from here on out starts going up. We dug the hole and put the footings in the ground, then we’ll start pouring the foundation, then get the walls up,” he said.
He said he’s already received some interest in The Box’s 4,000 square feet of commercial space.
“We don’t have anything firm, but the folks that are talking to us (are) the usual suspects: people that want a food/entertainment presence in Manchester,” Papa said. “They’re in other parts of town, but this is a wholly different market from Scott’s Addition. You’re not competing with yourself if you open something else in Manchester.”
Papa’s got another seven-story project in the works a few blocks north along Decatur Street. Fountainhead and WVS Cos. are planning to redevelop part of the Plant Zero complex at 13 E. 3rd St. into a 238,000-square-foot building with over 200 apartments and townhomes along with ground-floor commercial space.
North of the river, the duo are also planning the final two buildings of the Locks project that would bring over 250 apartments across two buildings fronting the canal.
The Fountainhead partners — Gregory and Papa—set an early tone in Manchester and deserve a place in its HOF. I’m glad they are both still at it.
Fully agreed, Bruce. I didn’t realize they’re also the engine driving the Locks projects set to rise across the river along the canal – including a 13-story apartment building. Glad to see they have the financial power to bring height into being (with the taller Locks building). Here’s hoping that will at some point translate into Fountainhead increasing the heights of their future developments and bringing more double-digit-story buildings to Manchester.
It’s nice it’s replacing a worn out paved over city lot with new housing.