An overhead view of the parking lot that Audeo is under contract to buy. (City documents)
Another parking lot in the city is in line for new development, and this time it’s one currently owned by Dominion Energy south of the Fan.
D.C.-based Audeo Partners is planning to build 26 townhomes at 219 S. Stafford Ave., atop what’s currently an L-shaped, 1-acre parking lot.
The plans were confirmed by Audeo partner Madi Ford, who co-founded the firm in 2020 with Michael Meers.
The plot is one of the roughly 5 acres near the Fan that Dominion Energy put on the market last summer. Ford said that Audeo is under contract to purchase the Stafford Avenue parcel, and Dominion confirmed earlier this fall that the remaining acreage is also under contract.
Renderings of the planned 26 townhomes that would rise in the Fan.
Ford said the project is a slight departure from Audeo’s usual business of apartment development and investment.
“Our background is predominantly in multifamily (development and investment) and we’re hoping to continue that,” Ford said, noting that all of the firm’s projects are in Virginia. “But the opportunity here is for townhomes. This unique site, given the size, really led us to consider the luxury townhome project.”
Ford said Audeo’s portfolio consists of two properties, one industrial and the other residential, and that the firm is currently developing a project in Dumfries consisting of more than 200 apartments and 60 two-over-two condos.
Audeo is looking to subdivide the lot into 26 parcels and build a townhome on each.
“We’ll have a high-finish level and amenities like fireplaces and wine fridges. There’ll be customization options for those interested,” Ford said. “I think it’ll be a great opportunity for people who want to have a say in how their home looks.”
Plans call for the townhomes to span 2,100-2,400 square feet, and each unit would include an enclosed parking garage. The homes would reach three stories, and Ford said they’re planning to offer the option of roof access for buyers who want it.
Madi Ford (Photo courtesy of Audeo Partners)
Ford said it’s difficult to forecast a listing price for the units, but that they’ll be “on the higher end of what’s been recently delivered.”
510 Architects is designing the project. Ford said they haven’t yet selected a builder. Audeo is seeking a special-use permit for the project, with Markham Planning representing the firm in that process.
Ford said she’s long been a fan of Richmond and has been trying to get into the region for a few years.
“We looked at and competed on lots of deals in and around Richmond during COVID. It’s very competitive,” Ford said. “I think people initially looked at Richmond as less competitive than Northern Virginia, and I don’t know that it is. I’ve lost out on lots of deals that were priced in ways that I couldn’t understand.”
Ford said Audeo also tracked the Diamond District solicitation process but ultimately did not throw its hat in for that.
“We were a little small for the Diamond District but it’s a compliment to the city to have people outside of the region looking at projects like that. It really says a lot, I think,” Ford said.
Like many others in development, Ford said Audeo has been trying to adapt to rising interest rates and construction costs. She said she’s heard of many deals re-trade, be put on hold or flop, but that Audeo is trying to not be too reactive as the market shifts.
“Our goal is to be appropriately responsive and not reactive. That’s kind of the philosophy,” she said. “It’s hard to know what’s coming, but I think if you make reasonable decisions and try to be a little conservative you can make it work.”
An overhead view of the parking lot that Audeo is under contract to buy. (City documents)
Another parking lot in the city is in line for new development, and this time it’s one currently owned by Dominion Energy south of the Fan.
D.C.-based Audeo Partners is planning to build 26 townhomes at 219 S. Stafford Ave., atop what’s currently an L-shaped, 1-acre parking lot.
The plans were confirmed by Audeo partner Madi Ford, who co-founded the firm in 2020 with Michael Meers.
The plot is one of the roughly 5 acres near the Fan that Dominion Energy put on the market last summer. Ford said that Audeo is under contract to purchase the Stafford Avenue parcel, and Dominion confirmed earlier this fall that the remaining acreage is also under contract.
Renderings of the planned 26 townhomes that would rise in the Fan.
Ford said the project is a slight departure from Audeo’s usual business of apartment development and investment.
“Our background is predominantly in multifamily (development and investment) and we’re hoping to continue that,” Ford said, noting that all of the firm’s projects are in Virginia. “But the opportunity here is for townhomes. This unique site, given the size, really led us to consider the luxury townhome project.”
Ford said Audeo’s portfolio consists of two properties, one industrial and the other residential, and that the firm is currently developing a project in Dumfries consisting of more than 200 apartments and 60 two-over-two condos.
Audeo is looking to subdivide the lot into 26 parcels and build a townhome on each.
“We’ll have a high-finish level and amenities like fireplaces and wine fridges. There’ll be customization options for those interested,” Ford said. “I think it’ll be a great opportunity for people who want to have a say in how their home looks.”
Plans call for the townhomes to span 2,100-2,400 square feet, and each unit would include an enclosed parking garage. The homes would reach three stories, and Ford said they’re planning to offer the option of roof access for buyers who want it.
Madi Ford (Photo courtesy of Audeo Partners)
Ford said it’s difficult to forecast a listing price for the units, but that they’ll be “on the higher end of what’s been recently delivered.”
510 Architects is designing the project. Ford said they haven’t yet selected a builder. Audeo is seeking a special-use permit for the project, with Markham Planning representing the firm in that process.
Ford said she’s long been a fan of Richmond and has been trying to get into the region for a few years.
“We looked at and competed on lots of deals in and around Richmond during COVID. It’s very competitive,” Ford said. “I think people initially looked at Richmond as less competitive than Northern Virginia, and I don’t know that it is. I’ve lost out on lots of deals that were priced in ways that I couldn’t understand.”
Ford said Audeo also tracked the Diamond District solicitation process but ultimately did not throw its hat in for that.
“We were a little small for the Diamond District but it’s a compliment to the city to have people outside of the region looking at projects like that. It really says a lot, I think,” Ford said.
Like many others in development, Ford said Audeo has been trying to adapt to rising interest rates and construction costs. She said she’s heard of many deals re-trade, be put on hold or flop, but that Audeo is trying to not be too reactive as the market shifts.
“Our goal is to be appropriately responsive and not reactive. That’s kind of the philosophy,” she said. “It’s hard to know what’s coming, but I think if you make reasonable decisions and try to be a little conservative you can make it work.”
Not a single mention of the Expressway just south of this lot? Seems like a tough sell for luxury townhomes, especially with roof access.
Good point for sure. Directly across the downtown expressway we sold new construction luxury townhouses smaller in footprint than these and the last sold for close to $700k (we could have sold for more if it was today and we didn’t pre-sell far in advance). A good amount of thought has already gone into how to mitigate and stagger the sound waves in the design. And ultimately, many of those that want to live in the city with all it’s amenities are understanding of the noises of city life. A great example are the Vistas on the James condos that… Read more »
Multiple really well made and $700k+ homes have been built right next to the expressway between Carytown and this site, which goes against your thinking. The same is true on the north side of Scotts Addition with new townhomes being built next to the railroad tracks. With insulation technology today you can easily mitigate noise and a lot of buyers want new build in the city, which is rare, especially right at The Fan/Byrd Park. The new owners of these townhouses will be able to walk to dozens of restaurants and Byrd Park easily while having easy access to employment… Read more »
This is going to be a great project for the Fan as one of the last infill opportunities. Madi and Mike are definitely committed to creating a thoughtful and appropriately designed micro-community. Can’t wait to see it come to life!
Townhomes certainly work here. Would have been great to see apartments here to open the door for renters to experience the Fan without the sketchy groups who are currently getting market rate for poorly maintained apartments.
This location and lot are well suited for townhomes much more so than apartments given the lot shape and limited street access. However, in the spirit of your post, I am hopeful the other 4 acres of Dominion’s former property will have one good size apartment complex.
I see 2 areas highlighted, 1 in red and the other in green. What’s the difference? As a nearby homeowner I am very curious about this project. Also will there be additional parking included? 1 garaged space is ok but most homes have more than one person living there, meaning more than one car is usually involved.
“D.C.-based Audeo Partners is planning to build 26 townhomes at 219 S. Stafford Ave., atop what’s currently an L-shaped, 1-acre parking lot.”
It’s an urban walkable neighborhood and additional available parking is on the street.
Michael – the red highlighted area is the project area and the blue/green highlighted areas are the other parcels listed by Dominion for sale.