With two new properties under contract, a fast-growing local development firm is taking steps to increase its presence in the city.
Dobrin Properties is planning to build six townhomes at 901-911 S. Randolph St. in the Randolph neighborhood and is also under contract to buy roughly 1.4 acres at 1108 Dinneen St. in Newtowne West, where it’s considering an apartment building of more than 100 units.
The 10-year-old real estate firm does most of its work near VCU. Its holdings include the low-income Colorado Manor and Bradford Manor apartments that it picked up for a combined $5.3 million in 2020, as well as about 150 other single- and multi-family buildings around town.
With a three-year revenue growth rate of over 1,000 percent, Dobrin Properties landed on the 2021 Inc. 5000 list of the country’s fastest-growing private companies in the country.
Jimmy Montgomery, Dobrin’s vice president of operations, said the firm has a few areas of specialization.
“We do historic tax credit projects as well as infill lots and some renovations,” Montgomery said.
In the case of the Randolph project, Dobrin is playing the role of developer on the six new-construction two-story townhomes. The project would rise on a 0.4-acre site that’s currently a playground near the Mount Calvary and Riverview cemeteries. Montgomery said the company is under contract to buy the property, which was most recently assessed by the city at $200,000.
Plans filed with the city show each townhome would total about 2,300 square feet and include four bedrooms, an office and family room. River Mill Development is the project’s designer and Kine Vue Consulting is its civil engineer.
Meanwhile, over on Dinneen Street just to the west of the Maggie L. Walker Governor’s School, Dobrin is under contract to buy about 1.4 acres. The site is currently used for industrial storage and houses a 2,200-square-foot office building.
Last fall, Dobrin filed a zoning letter with the city for the site seeking confirmation for 123 apartments there. However, Montgomery said they’re still in the planning process.
“Dinneen is a long-term plan for us,” he said. “That’s nothing we’ll do quickly.”
Dobrin and its staff of 12 are based near Monroe Ward.