The suspension-focused car shop at right is being eyed by the same developers that are building this six-story apartment building. (Mike Platania photos)
Inflation and rising interest rates don’t appear to be cooling the Manchester development boom.
Two entire city blocks in the South Richmond neighborhood are in play for potential new development.
At 701 Perry St., South Carolina-based developer The Beach Co. is planning to build 260 apartments, according to documents filed with the city.
The site, currently home to Thurston Spring Services, spans an entire city block and hit the market earlier this year as the Thurston family looks to cash out of the neighborhood.
The Beach Co.’s first Richmond project is due to be complete in spring 2023.
Their nearly 2-acre assemblage is catty-corner to 700 Semmes Ave., where The Beach Co. is also building a six-story, 221-unit mixed-use building that’s due to be complete in spring 2023.
The Beach Co. earlier this month applied for a pair of zoning confirmation letters with the city for the Thurston site.
Further details such as the would-be project’s height and whether the firm has the parcel under contract are unclear. The Beach Co. Development Manager Timothy Cotter declined to comment, as did broker Bruce Milam, who’s handling the Thurston listing.
Meanwhile, a few blocks east, another entire city block at 300-360 Stockton St. is being listed for sale.
The 2-acre parcel east of Hull Street is home to both 33 apartments and a Tesla-occupied warehouse. (Photo courtesy of Bruce Commercial Realty)
Bounded by East Third, Stock, East Fourth and Everett streets, the 2-acre site is home to both the 33-unit Stella 360 apartment building and a 19,500-square-foot warehouse that’s been leased by Tesla’s energy division since early 2021.
Property Results, a local development firm led by Sam McDonald and Mark Scordo, owns the land and developed the apartments around a decade ago. Milam also has that listing. He said Tesla has about 18 months left on its lease and the apartments are fully leased. The property is being pitched as both an investment and redevelopment opportunity.
“The whole block could be leveled. Someone could come in and knock those apartments down as well, and that’s where you could build 300 apartments on the 2 acres,” Milam said. “(A buyer) could wait out the 18 months from this point to get plans reviewed and get everything in line and be ready to clear and grade in January 2024. Or later if they want to hold it longer.”
An asking price wasn’t provided. The property was most recently assessed at a combined $5.4 million.
Milam said he thinks Property Results is looking to sell to free up some of their time and attention, particularly as the firm’s getting ready to kick off work on a 65-unit second phase of PortRVA on Hull Street.
The Stockton Street parcel falls in a part of Manchester east of Hull and Decatur streets that’s beginning to see increased developer interest as Hull Street and the riverfront become spoken for.
A mystery developer recently rezoned a 2-acre parcel at 600-614 Maury St. and 601-603 Albany Ave. to allow for a higher-density, mixed-use development, and late last year Tom Papa’s Fountainhead Real Estate Development spent $2 million on a half-block parcel at 600-618 Decatur St. where he’s mulling future development.
The suspension-focused car shop at right is being eyed by the same developers that are building this six-story apartment building. (Mike Platania photos)
Inflation and rising interest rates don’t appear to be cooling the Manchester development boom.
Two entire city blocks in the South Richmond neighborhood are in play for potential new development.
At 701 Perry St., South Carolina-based developer The Beach Co. is planning to build 260 apartments, according to documents filed with the city.
The site, currently home to Thurston Spring Services, spans an entire city block and hit the market earlier this year as the Thurston family looks to cash out of the neighborhood.
The Beach Co.’s first Richmond project is due to be complete in spring 2023.
Their nearly 2-acre assemblage is catty-corner to 700 Semmes Ave., where The Beach Co. is also building a six-story, 221-unit mixed-use building that’s due to be complete in spring 2023.
The Beach Co. earlier this month applied for a pair of zoning confirmation letters with the city for the Thurston site.
Further details such as the would-be project’s height and whether the firm has the parcel under contract are unclear. The Beach Co. Development Manager Timothy Cotter declined to comment, as did broker Bruce Milam, who’s handling the Thurston listing.
Meanwhile, a few blocks east, another entire city block at 300-360 Stockton St. is being listed for sale.
The 2-acre parcel east of Hull Street is home to both 33 apartments and a Tesla-occupied warehouse. (Photo courtesy of Bruce Commercial Realty)
Bounded by East Third, Stock, East Fourth and Everett streets, the 2-acre site is home to both the 33-unit Stella 360 apartment building and a 19,500-square-foot warehouse that’s been leased by Tesla’s energy division since early 2021.
Property Results, a local development firm led by Sam McDonald and Mark Scordo, owns the land and developed the apartments around a decade ago. Milam also has that listing. He said Tesla has about 18 months left on its lease and the apartments are fully leased. The property is being pitched as both an investment and redevelopment opportunity.
“The whole block could be leveled. Someone could come in and knock those apartments down as well, and that’s where you could build 300 apartments on the 2 acres,” Milam said. “(A buyer) could wait out the 18 months from this point to get plans reviewed and get everything in line and be ready to clear and grade in January 2024. Or later if they want to hold it longer.”
An asking price wasn’t provided. The property was most recently assessed at a combined $5.4 million.
Milam said he thinks Property Results is looking to sell to free up some of their time and attention, particularly as the firm’s getting ready to kick off work on a 65-unit second phase of PortRVA on Hull Street.
The Stockton Street parcel falls in a part of Manchester east of Hull and Decatur streets that’s beginning to see increased developer interest as Hull Street and the riverfront become spoken for.
A mystery developer recently rezoned a 2-acre parcel at 600-614 Maury St. and 601-603 Albany Ave. to allow for a higher-density, mixed-use development, and late last year Tom Papa’s Fountainhead Real Estate Development spent $2 million on a half-block parcel at 600-618 Decatur St. where he’s mulling future development.
The population boom in Manchester is creating the need for a Traffic Light and pedestrian crosswalk at Perry and Commerce.
The possibility of replacing the Mayo bridge will greatly increase traffic across the Manchester Bridge during construction.
While the city has presented future intersection updates at Hull and Commerce, Perry, Porter and Bainbridge intersections on Commerce need to be safer for cars and people and cyclists.
I walk my dog in this area. Crossing Perry at Commerce is often a challenge during rush hours.
Steve – very good points all the way around. Indeed, the city will need to seriously rethink traffic flow and implement new traffic light and pedestrian crosswalks in this part of Manchester (Commerce Road, particularly closer to the Manchester Bridge) given how the next round of development in the pipeline appears to be shifting into this particular stretch. Additionally — the city would do well to begin taking some active steps of running a north-south PULSE line that would help connect Manchester (and points south) with downtown (and points north). The first PULSE line – east-west – has been operational… Read more »
The Pulse project was 50% funded by a Federal Grant. Doubt those grants continue to be available, which frankly puts this idea way out of scope for our city/funds.
There’s no more dangerous road in the city than Hull Street from the river to Commerce Rd. I’ve seen trucks traveling nearly 50 mph trying to beat the traffic light as they pass 7th street. The state is going to use $100million in federal infrastructure funds to rebuild Mayo Bridge WITHIN the floodplain! Not above the floodplain, but within it, subject to being immersed by a 100 year storm. That’s ridiculous. Rebuilding Mayo will only prompt traffic to speed faster to Commerce once it’s completed. The footers for the bridge do not need to be replaced anyway! State engineers say… Read more »
Bruce, making Mayo Bridge mass transit, bike, and pedestrian-only would be great! With how it’s setup now I’m always on edge when walking across it. People drive insanely fast and the sidewalks just aren’t that wide, so removing vehicles would help immensely.
what a great idea
Intersting idea Bruce. How would businesses near the ends of the bridge be affected (like Southern States property) if vehicles were prevented from using the bridge? I could see some real traffic/access issues for some properties as well parkng for pedestran access to the island.
I’m not trying to shhot down the idea. I’m just trying to look at potential problems and figureo ut how to solve them.