With a builder on board and several retail and office tenants lined up, a commercial section of the massive Cosby Village development at Hull Street and Otterdale roads is set to get underway in coming weeks.
Midlothian-based Main Street Homes is preparing to start site work on Cosby Village Square, a 20-acre section along Hull Street Road that’s planned to total 122,500 square feet of retail, dining, office and medical office space across 14 buildings.
Construction is planned to start with three buildings that will house a Chipotle, a coffeeshop and another restaurant. A marketing flyer identifies Chipotle and labels the other two buildings as “Coffee” and “Bread.”
Other businesses signed on include Heartland Dental, Kline’s Dairy Bar and Pet Paradise. Each are under contract to purchase freestanding buildings, said Kay Pangraze, land acquisition manager for MSH.
Pangraze said she could not name the coffeeshop and second restaurant because leases have not been finalized. Chipotle is also leasing its space.
The Pet Paradise will be the third Richmond-area location for the national dog and cat boarding chain, which opened its first local outpost this summer near Richmond International Airport. A second location is in the works at 1214 Koger Center Blvd. near Chesterfield Towne Center.
Heartland Dental and Kline’s Dairy Bar are both new to the local market. The Cosby Village location is one of hundreds that Heartland Dental plans to open nationally in the next couple years, according to its website. Kline’s, based in Harrisonburg, has locations there and in Staunton and Waynesboro.
The Kline’s and Pet Paradise locations are planned to front Cosby Road along the north side of the property, according to the flyer. Chipotle is taking part of an 8,900-square foot building at the east end of the section, where the other restaurant would fill a similarly sized building.
The 2,500-square-foot coffeeshop will be across an entrance at the western end of a planned water feature fronting Hull. The Heartland Dental location would be two buildings down from that.
Cushman & Wakefield | Thalhimer is marketing Cosby Village Square, with Connie Jordan Nielsen and Alicia Brown listing the retail spaces and Amy Broderick handling the office space.
The buildings include lease and purchase options, with pricing increased due to construction costs to $34-$36 per square foot. Pangraze said purchase options for 1-acre pad sites along Hull and Cosby Road have increased as well, ranging from $800,000 to $2.1 million based on location and size.
Pangraze said MSH is aiming to start work on Cosby Village Square in September. She said the project hinges on a letter they’re waiting to receive from the U.S. Army Corps of Engineers that would finalize site plan approval.
She said they’ve secured building approval from Chesterfield County on the Chipotle building and are awaiting final reviews and permits for the coffee shop and other restaurant.
Other firms on the project include Maryland-based Bignell Watkins Hasser Architects and Richmond-based engineering firm Timmons Group. New York-based Create Architecture Planning & Design drew up initial concepts.
Pangraze put the cost to develop the project’s first phase, including the first three buildings totaling 19,700 square feet, at $15.1 million. She said the phase includes four lots that are under contract to be sold but are not factored into the cost estimate. Those four lots are planned to total over 31,000 square feet of building space.
Pangraze said deals are being negotiated for the rest of the planned buildings, which will range in size from 2,500 square feet to a three-story structure totaling 33,600 square feet. Pangraze said all of the buildings are scheduled to be completed by the end of 2023.
“We’ve got a lot of other things in the works,” she said. “We’ve got some other buildings that we’re starting on, and we’ve got other tenants or parcels that we are negotiating purchase and sale agreements, and then we’re going to fill out these buildings.”
The section will add to a Publix-anchored shopping center along Otterdale Road that includes The Sand Dollar Beach Kitchen, Mr. Submarine & Sal’s Pizza, Davis & Nyczepir Orthodontics, Brush Up Dental, Otterdale Pet Wellness Center, Lavish Nails & Spa and Great Clips. An AutoZone and 7-Eleven are at the corner of Otterdale and Hull.
Cosby Village Square also adds to the overall Cosby Village development, which spans 68 acres and is zoned for up to 775 multifamily residential units. The 305-unit Livingston Apartment Flats fills nearly 5 acres, and the two- and three-level townhomes are filling out areas closer to Cosby High School.
Pangraze said the townhomes have been selling well and that sales have started on a second phase of the units, along with construction of a clubhouse and pool.
Ninety-one of the townhomes have been built thus far, with 34 under construction and 94 left to go. Pangraze said 32 of those are under contract.
The townhomes range in price from about $366,000 to $457,000, according to MSH’s website.
Pangraze said Cosby Village Square will round out the overall Cosby Village development, which is designed with interconnections to create a walkable, village-style community. Plans call for a walkway across Cosby Road to connect the commercial section with the townhomes.
“It’s going to be an excellent, multifaceted mixed-use development that will serve the neighboring communities that continue to grow,” she said. “It’s a great opportunity for the area.”
Correction: The architect on Cosby Village Square is Bignell Watkins Hasser Architects. The story initially credited Create Architecture Planning & Design, which drew up initial concepts.