A developer from Hooville with a knack for apartments has made a sizable play in Manchester.
Castle Development Partners recently purchased the 2-acre plot at 301 Maury St. for $3.15 million, per city records.
The property spans the entire city block bound by Maury, East Third, Everett and East Fourth streets. It had been home to Dennis’ Truck & Trailer Repair Inc. from 1992 until recently, when the company relocated as part of the Jan. 18 sale.
Based in Charlottesville, Castle Development specializes in apartment buildings with more than 120 units and that cost between $25 million and $100 million, according to its website.
While the Dennis Truck & Trailer deal looks to be Castle’s first in the Richmond city limits, the firm has been active in Chesterfield County with projects including the 452-unit Center West apartments near Westchester Commons and the 473-unit Mall Drive Apartments near Chesterfield Towne Center. It also built The Greens at Virginia Center in Glen Allen and the Beaverdam Creek Apartments in Mechanicsville.
It’s unclear what Castle has in store for the Manchester land. No plans have been filed for the site as of press time, and the company did not respond to requests seeking comment.
Dennis’ Truck & Trailer President and CEO Deborah Gentry said that after the sale the company consolidated its operations into its second location at 6570 Emmaus Church Road in New Kent.
“We’re still going strong as ever. … Our trucks are still all over Richmond and surrounding areas,” Gentry said in an email. “We received a good offer for the property and just decided to take it.”
The city most recently assessed the real estate at $1.15 million.
The Maury Street site is in a part of southeastern Manchester that’s starting to draw more development interest. Within eyeshot of Castle’s new parcel is 500 Maury St., where local developers Duke Dodson and Tom Papa are planning a 6-story, 163-unit apartment building. A few blocks to the northeast is the former Caravati’s parcels that will soon house 230 new apartments across two buildings, and on the other side of Everett Street from Castle’s parcel are the Stella 360 apartments, which Property Results listed for sale last year as a redevelopment opportunity.
A developer from Hooville with a knack for apartments has made a sizable play in Manchester.
Castle Development Partners recently purchased the 2-acre plot at 301 Maury St. for $3.15 million, per city records.
The property spans the entire city block bound by Maury, East Third, Everett and East Fourth streets. It had been home to Dennis’ Truck & Trailer Repair Inc. from 1992 until recently, when the company relocated as part of the Jan. 18 sale.
Based in Charlottesville, Castle Development specializes in apartment buildings with more than 120 units and that cost between $25 million and $100 million, according to its website.
While the Dennis Truck & Trailer deal looks to be Castle’s first in the Richmond city limits, the firm has been active in Chesterfield County with projects including the 452-unit Center West apartments near Westchester Commons and the 473-unit Mall Drive Apartments near Chesterfield Towne Center. It also built The Greens at Virginia Center in Glen Allen and the Beaverdam Creek Apartments in Mechanicsville.
It’s unclear what Castle has in store for the Manchester land. No plans have been filed for the site as of press time, and the company did not respond to requests seeking comment.
Dennis’ Truck & Trailer President and CEO Deborah Gentry said that after the sale the company consolidated its operations into its second location at 6570 Emmaus Church Road in New Kent.
“We’re still going strong as ever. … Our trucks are still all over Richmond and surrounding areas,” Gentry said in an email. “We received a good offer for the property and just decided to take it.”
The city most recently assessed the real estate at $1.15 million.
The Maury Street site is in a part of southeastern Manchester that’s starting to draw more development interest. Within eyeshot of Castle’s new parcel is 500 Maury St., where local developers Duke Dodson and Tom Papa are planning a 6-story, 163-unit apartment building. A few blocks to the northeast is the former Caravati’s parcels that will soon house 230 new apartments across two buildings, and on the other side of Everett Street from Castle’s parcel are the Stella 360 apartments, which Property Results listed for sale last year as a redevelopment opportunity.
The new roundabout servicing the Maury Street exit ramp from I-95 changed the look and the accessibility of the surrounding properties. It’s not shown correctly with the aerial provided in the article but I’ll be glad to send a photo to Bizsense. Maury Avenue, Stockton Street and Decatur Street are rapidly changing to an urban mixed use area. Land values have jumped.
Can’t wait to push people out because their taxes are too high while developers get tax breaks. Don’t we all love gentrification!
Well, this part of Manchester was industrial so i doubt too many people are getting kicked out.
This place looks like it’s mostly parking lots so the trees in Chesterfield will love this.
The east end of Manchester has been an industrial wasteland for decades. This land is across the street from a petroleum terminal with huge storage tanks that I’m assuming are for gasoline. There are no residents to push out.
Yeah and any development will have wonderful view of tankers, fuel storage center (going nowhere), the noise of the 95 and the smell of the waste plants and the manure fertilizer but hey one side has a new of the skyline.
Supirsingly the more apartments there are in a area the lower the cost. Also by building thousands of new apartments in a area it breaks down the power of slum lords who can charge massive rents and not do anything.
LA’s home shortage is caused by bad zoning that keep people from building new apartments but Richmond is the party town when it comes to zoning and new apartments.
Funny rent is up every year yet THOUSAND of apartments continue to come on line. And don’t worry in 10 years many of these building 5 years old will have lots of issues. Seeing it now in early 2000s Shockoe units
Have you not noticed how the Richmond region is growing? We have a nationwide and a metropolitan area housing shortage, which you neglect to acknowledge with your comment.
What does a 30 year industrial property owner deciding to cash out have to do with gentrification? And what is your solution? Building more dense apartments slows down the gentrification that’s happening in Northside much more than the alternative of no new development.
Not building housing is what causes rent to go up. Not building in industrial areas. This is a remarkably unthoughtful take