A site plan shows the 12 buildings that would fill the 10-acre site east of Pemberton Road and north Mayland Drive. (County documents)
Correction: A previously reported cost estimate referred to site development costs, not the overall project cost including construction. The story has been updated to clarify those numbers.
After securing the site and county zoning approval, a group of longtime collaborators are ready to dig in on a 264-unit condo development in western Henrico.
Legacy Mayland LLC recently purchased a nearly 10-acre assemblage at the northeast corner of Mayland Drive and Pemberton Road, where it received zoning approval in July for the age-restricted complex, called Flats at Mayland, that will be targeted to homebuyers 55 and up.
The group consists of Cindy Weinstock and father and daughter Bill and Tracey Johnson, founders of Henrico-based Legacy Land Development, and Chad Joyce, a former division manager with Ryan Homes parent company NVR.
Joyce, now with Henrico-based Virginia Commonwealth Capital, said they all collaborated on projects when he was with NVR and the others were with the former Atack Properties, which Legacy Land spawned off from several years ago. Weinstock has described Ryan Homes as Legacy Land’s preferred builder.
Chad Joyce
“We did several deals together and we always had a lot of trust for one another, and this deal came together pretty easily,” said Joyce, who left NVR last year after 25 years and whose Joyce Realty firm is involved in the project.
“We had looked at this piece for over 10 years. I think several people have tried to get it under contract, but we were able to assemble several different parcels, and that’s what made this work,” he said. “It’s a little over 9 acres of land. That is super-tough to find in the West End, so we were excited about getting this under contract.”
The group paid $2.3 million for the three parcels that make up the site, in a deal that closed Aug. 14, county property records show. The parcels had been owned by Forrest Urban and members of the Heider family, and had been assessed by the county at $1.92 million collectively.
While Legacy Land’s projects in that area have included Pemberton Ridge, a 24-home subdivision it developed (and Ryan built) along Pemberton about a mile south of Mayland, Joyce said they recognized a lack of condos targeted to seniors in the market.
“We saw a need for age-restricted condos in Henrico. There’s not a lot of product out there, especially in this location,” Joyce said.
“We love the West End location where there’s a lot of rooftops where people are going to live close to their children and grandchildren, and this product works very well for single-occupancy,” he said. “It’s meant for 55 and older, but our data shows that over 50 percent of the people that will prefer to live here are going to be 65 and older. That’s just a void in the market.”
The condos will be housed in a dozen four-story buildings.
Reduced from an initial proposal for 288 units, the 264 condos will range in size from 1,100 to 1,500 square feet and include two bedrooms and two bathrooms, Joyce said. Prices will be set in the high-$300,000s to low-$400,000s.
Joyce said the designs are based on plans by Ryan, though he said a contract has not been signed with the homebuilder and a general contractor has yet to be named. Youngblood, Tyler & Associates is handling engineering.
The condos will span a dozen four-story buildings and the development will also include a central recreation area, a 2,000-square-foot community center and about 350 parking spaces. Planned amenities could include a dog park, gazebo, pavilion, pergola or fire pit.
Joyce put the cost to develop the site at upwards of $17 million. He said the finished lots would then be sold to the builder, who would fund the construction. Joyce estimated the overall project cost at about $80 million.
Pending development plan approvals from the county, he said construction could start next July or August, with the goal of the units hitting the market in mid-2025.
Legacy Land’s other developments include Westlake Heights, a 120-home subdivision beside Powhite Park in South Richmond. Joyce said Virginia Commonwealth Capital, which he co-owns with fellow NVR/Ryan former manager Bob Lewis, developed Huguenot Manor, a gated subdivision in Powhatan.
A site plan shows the 12 buildings that would fill the 10-acre site east of Pemberton Road and north Mayland Drive. (County documents)
Correction: A previously reported cost estimate referred to site development costs, not the overall project cost including construction. The story has been updated to clarify those numbers.
After securing the site and county zoning approval, a group of longtime collaborators are ready to dig in on a 264-unit condo development in western Henrico.
Legacy Mayland LLC recently purchased a nearly 10-acre assemblage at the northeast corner of Mayland Drive and Pemberton Road, where it received zoning approval in July for the age-restricted complex, called Flats at Mayland, that will be targeted to homebuyers 55 and up.
The group consists of Cindy Weinstock and father and daughter Bill and Tracey Johnson, founders of Henrico-based Legacy Land Development, and Chad Joyce, a former division manager with Ryan Homes parent company NVR.
Joyce, now with Henrico-based Virginia Commonwealth Capital, said they all collaborated on projects when he was with NVR and the others were with the former Atack Properties, which Legacy Land spawned off from several years ago. Weinstock has described Ryan Homes as Legacy Land’s preferred builder.
Chad Joyce
“We did several deals together and we always had a lot of trust for one another, and this deal came together pretty easily,” said Joyce, who left NVR last year after 25 years and whose Joyce Realty firm is involved in the project.
“We had looked at this piece for over 10 years. I think several people have tried to get it under contract, but we were able to assemble several different parcels, and that’s what made this work,” he said. “It’s a little over 9 acres of land. That is super-tough to find in the West End, so we were excited about getting this under contract.”
The group paid $2.3 million for the three parcels that make up the site, in a deal that closed Aug. 14, county property records show. The parcels had been owned by Forrest Urban and members of the Heider family, and had been assessed by the county at $1.92 million collectively.
While Legacy Land’s projects in that area have included Pemberton Ridge, a 24-home subdivision it developed (and Ryan built) along Pemberton about a mile south of Mayland, Joyce said they recognized a lack of condos targeted to seniors in the market.
“We saw a need for age-restricted condos in Henrico. There’s not a lot of product out there, especially in this location,” Joyce said.
“We love the West End location where there’s a lot of rooftops where people are going to live close to their children and grandchildren, and this product works very well for single-occupancy,” he said. “It’s meant for 55 and older, but our data shows that over 50 percent of the people that will prefer to live here are going to be 65 and older. That’s just a void in the market.”
The condos will be housed in a dozen four-story buildings.
Reduced from an initial proposal for 288 units, the 264 condos will range in size from 1,100 to 1,500 square feet and include two bedrooms and two bathrooms, Joyce said. Prices will be set in the high-$300,000s to low-$400,000s.
Joyce said the designs are based on plans by Ryan, though he said a contract has not been signed with the homebuilder and a general contractor has yet to be named. Youngblood, Tyler & Associates is handling engineering.
The condos will span a dozen four-story buildings and the development will also include a central recreation area, a 2,000-square-foot community center and about 350 parking spaces. Planned amenities could include a dog park, gazebo, pavilion, pergola or fire pit.
Joyce put the cost to develop the site at upwards of $17 million. He said the finished lots would then be sold to the builder, who would fund the construction. Joyce estimated the overall project cost at about $80 million.
Pending development plan approvals from the county, he said construction could start next July or August, with the goal of the units hitting the market in mid-2025.
Legacy Land’s other developments include Westlake Heights, a 120-home subdivision beside Powhite Park in South Richmond. Joyce said Virginia Commonwealth Capital, which he co-owns with fellow NVR/Ryan former manager Bob Lewis, developed Huguenot Manor, a gated subdivision in Powhatan.
This will fill a great need in that area of Henrico. Congrats Chad!
The numbers seem off in this report. If $17m dev cost + $2m land acq = $19m total, for 264 condos (avg 1200sf each) = $72k avg cost/unit, or $60/sf cost ($72k / 1200sf; not possible today?). If accurate, and then Sold for an avg of $400k/unit, that’s a 5.5x return in 3 years! I want in on that deal! LOL
Agreed! I noticed the same this morning and now that I’m rereading the article it has been corrected to say $80 million as the total cost.
Much more realistic! That now estimates $300k avg cost/unit (including amenities), with a $400k/unit sale price = 33% return over 3 years (assuming cost & sales both come in at estimates).