Land deals lay groundwork for 3 multifamily developments

Land purchased for Richmond residential projects

The parking lot at Monument Avenue and Hamilton Street. Proposed apartments would also replace an existing office building, visible to the right. (BizSense file images)

Recent land deals totaling more than $8 million are setting the stage for three residential developments across the region that are slated to add nearly 400 multifamily units.

A 2.4-acre site at Monument Avenue and Interstate 195 sold Dec. 22 for $5.1 million, laying the groundwork for a 263-unit apartment complex across Hamilton Street from the International Mission Board headquarters.

IMB had owned the property for decades and sold to an entity tied to Edwards Communities, which is planning the apartments along with fellow Ohio-based firms Silver Hills Development and Dimit Architects. Local engineering firm Timmons Group is also involved in the project.

The two-parcel site at 3700 Monument Ave. and 1301A N. Hamilton St. borders the west side of the interstate between Monument and the Hamilton Street on-ramp. It consists of a parking lot and three-story office building that would be razed for the project. The city assessed the parcels at $4.6 million combined.

Plans submitted to the city call for two five-story buildings that would enclose central courtyards with amenities and flank a structured parking deck with access off Hamilton. The deck would total 390 parking spaces.

The buildings would house 236 one-bedroom units and 27 two-bedrooms, with sizes ranging from about 590 to 1,060 square feet. Monthly rents for the apartments have not been released.

Edwards and Silver Hills are also active locally at Innsbrook, where the firms are developing a multiuse building at the southeast corner of Nuckols and Sadler roads. Construction is underway on that 3.3-acre site, which sold last summer for $3 million and is planned to house 234 apartments with ground-level retail, office space and a 370-space parking deck.

A site map of the townhomes Stanley Martin is planning at Virginia Center Commons.

Sites sold at VCC, Tobacco Row

In late November, Stanley Martin Homes paid $2.3 million for a 4.6-acre outparcel site at Virginia Center Commons, where the Reston-based builder is planning 75 for-sale townhomes as part of a larger redevelopment of the transforming shopping mall.

The sellers were entities tied to Rebkee and Shamin Hotels, which are leading the larger mall redevelopment. Thalhimer’s Connie Jordan Nielsen brokered the deal for the group, which purchased the site as part of a larger property deal that closed in early 2020.

Henrico County assessed the parcel, situated behind the Virginia Credit Union and Wendy’s fronting Brook Road, at $954,000.

Site work for the townhomes is scheduled to start later this quarter, with completion targeted by the end of 2023, Stanley Martin’s Jeremy Swink said. Kimley-Horn is handling engineering for the project.

The three-story homes will average 2,000 square feet in size and include two-car, rear-loading garages. Swink said prices for the homes have not been finalized.

A rendering of the apartment building planned at 2723 E. Cary St., between Tobacco Row and Great Shiplock Park.

And downtown, local developer Jeremy Connell closed Dec. 16 on his purchase of 2723 E. Cary St., a roughly quarter-acre site at the eastern end of Tobacco Row, where he’s planning a 47-unit apartment building with structured parking across and downhill from the Lucky Strike building.

Connell’s Shiplock LLC paid $775,000 for the site, which was last purchased in 2012 for $600,000. The seller was an entity tied to Historic Housing, the local development firm led by Louis Salomonsky and David White. The city most recently assessed the property at $733,000.

The apartment building is planned to rise five stories on the Cary Street side, and seven stories on the lower-elevation side facing Dock Street and the river. Tentatively called “Shiplock,” the apartments would range from 600 to 1,100 square feet in size and consist of 28 one-bedroom units and 19 two-bedrooms.

Rents for the market-rate units have not been set. Connell said a construction schedule has not been determined.

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