Another city block in Manchester has changed hands.
The Beach Co. last month paid $7 million for the Thurston Spring Services site, an entire city block bound by Commerce Road and West Seventh, Perry and McDonough streets, where the South Carolina-based developer is planning a six-story, 263-unit apartment building.
Beach Co.’s development manager Tim Cotter said in an email that the firm is currently working through the plan of development approval process and hopes to begin construction on the 1.8-acre plot in summer 2023.
Meanwhile, Thurston Spring Services, which has operated a suspension-focused auto shop on the Manchester property for decades, looks to be relocating to a new facility at 1307 Willis Road in Chesterfield that it leased in September.
The Thurston family wasn’t available for comment by press time.
The sale closed Dec. 16. The six parcels that make up the plot – 300, 314 and 326 W. Seventh St., 701 and 719 Perry St., and 311 Commerce Road – were most recently assessed by the city at a combined $2.4 million.
Bruce Milam of Bruce Commercial Realty and Chip Louthan of Commonwealth Commercial had the listing.
Thurston owned the majority of the block, with the exception being 326 W. Seventh St., which was owned by an entity tied to the Condyles family.
When Beach Co. breaks ground next year on the new project, it will also be wrapping up its first Richmond development: Eddy on the James, a 221-unit apartment building at 700 Semmes Ave. It started work on that in 2020.
The $7 million price tag on the Thurston site comes out to $3.9 million per acre. A new city record for per-acre price was recently set at 301 W. Sixth St., just two blocks north of the Thurston site. In October Brooklyn-based Avery Hall Investments paid $5.9 million per acre for the site on which it’s planning to build a pair of residential towers reaching 16 and 17 stories.