The apartments will fill part of a 26-acre site off Walmart Way, a loop road to be completed along with the project. The complex will not connect with Old Buckingham Road, visible at bottom left. (Photos courtesy Bainbridge Cos.)
For its first project in the Richmond market, a Florida-based builder is teaming up with a local developer on a residential development that’s gotten underway beside the Midlothian Walmart.
Site work has started on Bainbridge Midlothian, an apartment development by locally based LBD Investments that will add six buildings totaling 310 units on land between Walmart Way and Old Buckingham Road.
Led by Randy Cosby and Chris Jenkins, LBD has enlisted Florida-based Bainbridge Cos. to build the three- and four-story buildings, which along with a clubhouse and parking lots will fill part of the mostly wooded 26-acre tract.
The land is along the west and north sides of a future section of Walmart Way, an unfinished loop road just north of the Walmart that’s to be completed with the project.
Site work for the apartments began last fall, and foundations for the buildings were started last month.
Work is underway on the 26-acre site just north of the Midlothian Walmart.
Previously called Coalfield Reserve, the project is the first locally for Bainbridge, a 26-year-old company that has developed thousands of apartments in Florida and up the East Coast to Maryland.
The company has a Mid-Atlantic office in D.C. and developed the Bainbridge 3200 apartments in Suffolk. Senior Vice President Greg Cavanaugh said it has been looking to enter the Richmond market for a while.
Greg Cavanaugh
“As we zeroed in on where we would like to plant a flag, Midlothian’s just considered a great place to live,” Cavanaugh said, adding that Chesterfield’s demographics and schools were draws.
“We love to focus on well-located suburban apartments, but opportunities can be few and far between in the Richmond market, certainly for a group that hasn’t necessarily broken in,” he said. “It just took some time, and we were fortunate enough to have the opportunity to get involved with this site.”
A mutual colleague connected Cavanaugh with Cosby, who said he and Jenkins had been aware of the site from various development proposals that had been floated for it over the years. A previous zoning in 2003 allowed for a subdivision totaling 230 single-family homes.
Cosby said the site was off-market when he and Jenkins approached the previous property owners with their plan for apartments, noting the site’s walkability to shops and restaurants. In addition to commercial uses off Walmart Way, the loop road is across Midlothian Turnpike from the Wegmans-anchored Shops at Stonehenge shopping center.
Randy Cosby
“We talked with the owners and basically looked at it through a different lens, because there had been some prior attempts to develop the property that just didn’t work out. I think it was just figuring out that it really should be multifamily that helped it happen this time,” Cosby said. “We approached the county with that, and they were quite receptive.”
Working with Hirschler attorney Jeff Geiger, LBD secured zoning approval for the project in 2021, and Bainbridge purchased the site through an LLC last June. The eight parcels involved sold for a total of $1.02 million and were previously assessed by the county at $720,300 collectively.
Jenkins said he and Cosby effectively sold the majority stake in the project to Bainbridge, while they remain partial owners. Cosby and Jenkins are both brokers at Commonwealth Commercial, though Jenkins said the local real estate firm was not involved in the project.
The property consists of 1200, 1550 and 1750 Walmart Way, and 12231, 12301, 12335, 12425 and 12427 Old Buckingham Road. While the parcels include Old Buckingham addresses, the apartments will not have access from that road and will only connect to Walmart Way.
The complex will include an 8,000-square-foot clubhouse with pool and other amenities. (Images courtesy LBD Investments)
Ranging from 700 to 1,500 square feet in size, the apartments will consist of one-, two- and three-bedroom floorplans.
Community amenities will include a pool and sundeck with TVs and outdoor fireplace, a pickleball court, and a dog park and pet spa. Amenities will total 10,000 square feet of interior space, between a lounge in one of the apartment buildings and the 8,000-square-foot clubhouse, which will include a fitness center and work-from-home spaces.
“We’ve dedicated a significant amount of space to work-from-home spaces, whether it’s breakout study pods or small conference rooms, to respond to more and more folks working from home,” Cavanaugh said.
A site map shows the apartment buildings’ configuration along a future section of Walmart Way.
The buildings will be grouped in two clusters with a walking trail connecting them. Rents have not been set for the apartments, though Cavanaugh said they would be at the higher end of the market.
“We’ll position ourselves at or near the top of the market,” he said. “That will likely depend on where the market is a year from now when we’ll be opening.”
Cavanaugh would not provide a cost estimate for the project, which is scheduled for completion in mid-2024. He said the clubhouse and first units are set to be delivered in the first quarter of next year.
Poole & Poole Architecture designed the apartments, and Balzer & Associates is handling engineering work.
LBD’s projects so far have included lot-sale developments and adaptive reuse projects involving historic preservation tax credits across Virginia. Cosby said this is LBD’s only current project in metro Richmond.
Bainbridge Midlothian adds to other new development that is adding more multifamily housing in the area. Farther west at Woolridge Road, Stanley Martin Homes is building Coalfield Station, a 343-unit condo development by Chesterfield-based Emerson Cos.
The apartments will fill part of a 26-acre site off Walmart Way, a loop road to be completed along with the project. The complex will not connect with Old Buckingham Road, visible at bottom left. (Photos courtesy Bainbridge Cos.)
For its first project in the Richmond market, a Florida-based builder is teaming up with a local developer on a residential development that’s gotten underway beside the Midlothian Walmart.
Site work has started on Bainbridge Midlothian, an apartment development by locally based LBD Investments that will add six buildings totaling 310 units on land between Walmart Way and Old Buckingham Road.
Led by Randy Cosby and Chris Jenkins, LBD has enlisted Florida-based Bainbridge Cos. to build the three- and four-story buildings, which along with a clubhouse and parking lots will fill part of the mostly wooded 26-acre tract.
The land is along the west and north sides of a future section of Walmart Way, an unfinished loop road just north of the Walmart that’s to be completed with the project.
Site work for the apartments began last fall, and foundations for the buildings were started last month.
Work is underway on the 26-acre site just north of the Midlothian Walmart.
Previously called Coalfield Reserve, the project is the first locally for Bainbridge, a 26-year-old company that has developed thousands of apartments in Florida and up the East Coast to Maryland.
The company has a Mid-Atlantic office in D.C. and developed the Bainbridge 3200 apartments in Suffolk. Senior Vice President Greg Cavanaugh said it has been looking to enter the Richmond market for a while.
Greg Cavanaugh
“As we zeroed in on where we would like to plant a flag, Midlothian’s just considered a great place to live,” Cavanaugh said, adding that Chesterfield’s demographics and schools were draws.
“We love to focus on well-located suburban apartments, but opportunities can be few and far between in the Richmond market, certainly for a group that hasn’t necessarily broken in,” he said. “It just took some time, and we were fortunate enough to have the opportunity to get involved with this site.”
A mutual colleague connected Cavanaugh with Cosby, who said he and Jenkins had been aware of the site from various development proposals that had been floated for it over the years. A previous zoning in 2003 allowed for a subdivision totaling 230 single-family homes.
Cosby said the site was off-market when he and Jenkins approached the previous property owners with their plan for apartments, noting the site’s walkability to shops and restaurants. In addition to commercial uses off Walmart Way, the loop road is across Midlothian Turnpike from the Wegmans-anchored Shops at Stonehenge shopping center.
Randy Cosby
“We talked with the owners and basically looked at it through a different lens, because there had been some prior attempts to develop the property that just didn’t work out. I think it was just figuring out that it really should be multifamily that helped it happen this time,” Cosby said. “We approached the county with that, and they were quite receptive.”
Working with Hirschler attorney Jeff Geiger, LBD secured zoning approval for the project in 2021, and Bainbridge purchased the site through an LLC last June. The eight parcels involved sold for a total of $1.02 million and were previously assessed by the county at $720,300 collectively.
Jenkins said he and Cosby effectively sold the majority stake in the project to Bainbridge, while they remain partial owners. Cosby and Jenkins are both brokers at Commonwealth Commercial, though Jenkins said the local real estate firm was not involved in the project.
The property consists of 1200, 1550 and 1750 Walmart Way, and 12231, 12301, 12335, 12425 and 12427 Old Buckingham Road. While the parcels include Old Buckingham addresses, the apartments will not have access from that road and will only connect to Walmart Way.
The complex will include an 8,000-square-foot clubhouse with pool and other amenities. (Images courtesy LBD Investments)
Ranging from 700 to 1,500 square feet in size, the apartments will consist of one-, two- and three-bedroom floorplans.
Community amenities will include a pool and sundeck with TVs and outdoor fireplace, a pickleball court, and a dog park and pet spa. Amenities will total 10,000 square feet of interior space, between a lounge in one of the apartment buildings and the 8,000-square-foot clubhouse, which will include a fitness center and work-from-home spaces.
“We’ve dedicated a significant amount of space to work-from-home spaces, whether it’s breakout study pods or small conference rooms, to respond to more and more folks working from home,” Cavanaugh said.
A site map shows the apartment buildings’ configuration along a future section of Walmart Way.
The buildings will be grouped in two clusters with a walking trail connecting them. Rents have not been set for the apartments, though Cavanaugh said they would be at the higher end of the market.
“We’ll position ourselves at or near the top of the market,” he said. “That will likely depend on where the market is a year from now when we’ll be opening.”
Cavanaugh would not provide a cost estimate for the project, which is scheduled for completion in mid-2024. He said the clubhouse and first units are set to be delivered in the first quarter of next year.
Poole & Poole Architecture designed the apartments, and Balzer & Associates is handling engineering work.
LBD’s projects so far have included lot-sale developments and adaptive reuse projects involving historic preservation tax credits across Virginia. Cosby said this is LBD’s only current project in metro Richmond.
Bainbridge Midlothian adds to other new development that is adding more multifamily housing in the area. Farther west at Woolridge Road, Stanley Martin Homes is building Coalfield Station, a 343-unit condo development by Chesterfield-based Emerson Cos.
I tried asking Chesterfeild County for a sidewalk along Old Buckingham Road along this project’s frontage of it but they didn’t listen. Meanwhile Powhatan County is getting 50 feet of new sidewalk for each of 32 units of Fighting Creek Depot for 1,600 feet of new village sidewalk.
If Chesterfield had asked for 50 feet of sidewalk from eatch unit Chesterfeild would have had 15,500 feet of new sidewalk which would have opened up Old Buckingham Road to pedestrians.