A rendering of the planned five-story apartment building at 103 E. 2nd St. (City of Richmond document)
Another one of the many new apartment buildings coming to Manchester took a step forward last week.
The group behind the ongoing redevelopment of the former Caravati’s Architectural Salvage complex have completed their acquisition of the entire site with the purchase of the second of two parcels needed for the project.
The latest deal was for a 1-acre plot at 103 E. 2nd St. for $2.8 million.
The buyers were Catalyst Development Co., Blackwood Development and Hourigan Development, which have teamed up to build a five-story, 177-unit apartment building on the site.
It’s the second deal local developers have made with the owners of Caravati’s. Last year Catalyst and Blackwood, along with James River Housing Partners and Real Property Management, bought Caravati’s warehouse across the street for $2.1 million and are converting it into 42 apartments. Caravati’s, meanwhile, has relocated to downtown Ashland.
The 1-acre storage lot in Manchester slated for a building with 177 apartments. (Mike Platania photos)
Catalyst’s Justin Paley said they negotiated both land deals with the Caravati’s folks at the same time, and it just so happened that this second parcel would close at a later date.
City records show that the deal for the parcel, which was most recently assessed at $593,000, closed July 8. C&F Bank was the lender in the deal, Paley said.
At $2.8 million for an acre, the sales price is among the highest per-acre in the neighborhood during the Manchester development boom.
It’s less than the $2.9 million per acre that Thalhimer Realty Partners paid for the 1.5-acre Sampson Coatings property along Hull Street late last year, but outpaces D.C.-based Capital City Real Estate’s $1.7 million acquisition of a 1-acre lot at 15 W. 7th St. last fall. TRP is looking to eventually redevelop the Sampson site, while Capital City is preparing to go vertical on a 173-unit mixed-use project on its site.
The East Second Street parcel is mostly a storage lot but does have a trio of small warehouses on it, which Paley said will be razed to make way for the new, 133,000-square-foot apartment building.
The renovation of the former Caravati’s warehouse is set to be completed by the end of the year.
“We’ll begin (demo) work in earnest shortly as soon as we have final stamps from the city,” Paley said.
Hourigan Construction will build the new project, with Poole & Poole Architects the designer and Bohler the engineer.
As the group looks to an August groundbreaking for the new building, work is well underway on the renovation of the adjacent Caravati’s warehouse. Paley said construction on that has been mostly smooth despite the task of fully renovating the nearly 100-year-old warehouse.
“There’s always some skeletons in the closet that you find mid-way through,” he said of redeveloping old buildings. “But there’s nothing that sinks the ship. We’re making our way through it. We’re excited to finish that here in the next couple of months.”
A rendering of the planned five-story apartment building at 103 E. 2nd St. (City of Richmond document)
Another one of the many new apartment buildings coming to Manchester took a step forward last week.
The group behind the ongoing redevelopment of the former Caravati’s Architectural Salvage complex have completed their acquisition of the entire site with the purchase of the second of two parcels needed for the project.
The latest deal was for a 1-acre plot at 103 E. 2nd St. for $2.8 million.
The buyers were Catalyst Development Co., Blackwood Development and Hourigan Development, which have teamed up to build a five-story, 177-unit apartment building on the site.
It’s the second deal local developers have made with the owners of Caravati’s. Last year Catalyst and Blackwood, along with James River Housing Partners and Real Property Management, bought Caravati’s warehouse across the street for $2.1 million and are converting it into 42 apartments. Caravati’s, meanwhile, has relocated to downtown Ashland.
The 1-acre storage lot in Manchester slated for a building with 177 apartments. (Mike Platania photos)
Catalyst’s Justin Paley said they negotiated both land deals with the Caravati’s folks at the same time, and it just so happened that this second parcel would close at a later date.
City records show that the deal for the parcel, which was most recently assessed at $593,000, closed July 8. C&F Bank was the lender in the deal, Paley said.
At $2.8 million for an acre, the sales price is among the highest per-acre in the neighborhood during the Manchester development boom.
It’s less than the $2.9 million per acre that Thalhimer Realty Partners paid for the 1.5-acre Sampson Coatings property along Hull Street late last year, but outpaces D.C.-based Capital City Real Estate’s $1.7 million acquisition of a 1-acre lot at 15 W. 7th St. last fall. TRP is looking to eventually redevelop the Sampson site, while Capital City is preparing to go vertical on a 173-unit mixed-use project on its site.
The East Second Street parcel is mostly a storage lot but does have a trio of small warehouses on it, which Paley said will be razed to make way for the new, 133,000-square-foot apartment building.
The renovation of the former Caravati’s warehouse is set to be completed by the end of the year.
“We’ll begin (demo) work in earnest shortly as soon as we have final stamps from the city,” Paley said.
Hourigan Construction will build the new project, with Poole & Poole Architects the designer and Bohler the engineer.
As the group looks to an August groundbreaking for the new building, work is well underway on the renovation of the adjacent Caravati’s warehouse. Paley said construction on that has been mostly smooth despite the task of fully renovating the nearly 100-year-old warehouse.
“There’s always some skeletons in the closet that you find mid-way through,” he said of redeveloping old buildings. “But there’s nothing that sinks the ship. We’re making our way through it. We’re excited to finish that here in the next couple of months.”