Hundreds more apartments are in the queue for Manchester as a prolific local developer tees up its latest project.
Thalhimer Realty Partners is planning to build a 250-unit apartment building at 301 Hull St., according documents filed with the city last week.
The new 7-story building would replace a vacant warehouse on the property that was formerly a factory for paint company Sampson Coatings. TRP bought the 1.5-acre parcel late last year for $4.4 million.
In addition to the apartments, plans for the building call for a two-story, 275-space parking deck and about 3,500 square feet of commercial space.
While the plans have been filed, TRP principal Drew Wiltshire said the firm is not necessarily in a rush to get ground moving on the project.
“We understand what we want to build there given the site’s attributes and how we want to orient the building to take advantage of the views of the river and skyline,” Wiltshire said. “The real variables are going to be what happens to construction and pricing, and also the interest rate climate and the debt markets.”
He said fluctuating construction costs and interest rates didn’t slow down the planning process and that the firm is looking to get the plan of development approved as quickly as possible so that once it’s ready to break ground, it’ll be good to go.
An existing 76,000-square-foot warehouse on the site would be razed, though a brick smokestack at the back of the property would be retained and incorporated into the new building.
Plans show that 210 of the 250 apartments would be one-bedroom units, with the remaining 40 units being two-bedrooms. Planned amenities include a gym, pool and courtyard.
510 Architects is the project’s architect and Timmons Group is its engineer.
TRP can develop the project by-right, as last year it successfully rezoned the property to TOD-1 Transit-Oriented Nodal district, which allows for a mix of uses and up to 12 stories in height.
TRP is also planning an 8-story, 271-unit apartment building next door on a parking lot at 423 Hull St. Wiltshire said that plan of development has been approved, but construction costs and interest rates have also put that project in a holding pattern. He added that with all the construction happening along Hull Street, it’s been useful to keep that site as a parking lot in the near-term.
“It’s just congested over there. We see that site as a parking field, certainly not as a long-term solution for us, but in the interim when all the growth is going on now,” Wiltshire said. “It’s very useful that way while we wait for the overall macro (construction) factors to change.”
There are currently about 1,300 apartments either planned or under construction along Hull Street between Commerce Road and the Mayo Bridge.
Work is underway on Capital City Real Estate’s 173-unit building at the intersection of Hull and West Seventh streets as well as the 65-unit second phase of PortRVA at 500 Hull St. Upcoming projects include WVS Cos. and Fountainhead Real Estate Development’s redevelopment of the Plant Zero building and Hourigan Development’s 20-story tower that’ll replace the Southern States silos.
Meanwhile TRP has big projects brewing elsewhere in the city, as it’s on the team that was selected to lead the development of the 67-acre Diamond District.