As Richmond’s residential housing market remains red-hot, a local development firm is looking to add nearly 70 for-sale units to the mix with a pair of townhome projects.
Miller & Associates recently began work on a five-unit townhome project at 3131 Kensington Ave. in the Museum District and is looking to break ground soon on a 64-unit project at 924 Porter St. in Manchester.
The Museum District project is rising on a roughly 0.25-acre plot adjacent to the Lee School Lofts, an apartment project the firm completed in 2002. Until recently, the land was a grassy area and a common gathering place for locals and their dogs.
Robin Miller, principal at Miller & Associates, described the forthcoming three-story townhomes as luxury units.
“They will average more than 3,200 square feet of heated space, plus a two-car drive-under garage of about 450 square feet,” Miller said in an email. “The exteriors will be a combination of brick, siding, and stucco. All homes will have a large outdoor deck on the second floor above the entrance to the double garage.”
Miller has owned the land since the early 2000s and received city approval for the project earlier this year. Johannas Design Group is the project’s designer, and Miller & Associates’ in-house general contracting firm Horizon Construction Management is the builder.
Miller estimates that the townhomes will each sell for well into seven figures.
“Based on recent comparable sales in the area, I expect that the average sale price will be approximately $1.2 million each, for a total sell out of approximately $6 million,” he said.
The townhomes won’t be listed for sale until they’re nearly completed, Miller said, adding that Monroe Properties will handle the marketing.
On the Porter Street site south of the river, Miller is planning to build 32 duplexes, which equate to 64 for-sale units.
It’s a change of direction for Miller, as he was initially planning to build a 75-unit apartment project on the nearly 1-acre site, which butts up to a community garden. However, Miller said the success of Manchester Green, a similar project a few blocks further down Porter Street, prompted them to change gears.
“This shift allows for more home ownership,” Miller said. “The duplexes are an excellent way for a first-time buyer to have a home and a rental unit. The buyer lives on one floor and the tenant lives in the other unit.”
Miller said the new duplexes will look similar to Manchester Green’s, with the 12 buildings approaching the street and parking in the back and a green-space common area in the middle of the project.
The price tags on the duplexes haven’t yet been determined, but Miller said similar units have been recently selling in the neighborhood for around $660,000 to $675,000.
The Porter Street project’s plan of development already has city approval and Miller said he hopes to break ground soon.