A rendering of the building planned at 3600 Grove Ave. (BizSense file photo)
For the second time this year, a piece of the Museum District has fetched eight figures ahead of a major residential redevelopment.
The former Windsor Senior Living building at 3600 Grove Ave. has sold for $10 million, city records show.
The buyer was Georgia-based Flournoy Development Group, which is planning to raze the structure to make way for a new six-story, 253-unit building.
Flournoy’s project would be among the highest-density new builds seen in the Museum District in recent years.
The developer closed on the building and 2.25-acre parcel on Nov. 30. The per-acre sale price equates to $4.4 million.
The city most recently assessed the property at $3.6 million.
The deal marks the second time this year that a developer has spent $10 million or more on Museum District real estate. In January, local firm SNP Properties paid $10.5 million for the former Saint Gertrude High School campus. SNP is converting the old Saint Gertrude structures into 39 apartments with plans to later convert them into for-sale condos.
Demolition of the nearly 70-year-old Windsor facility now looks imminent, as a few days before closing, Flournoy filed for demo permits for the structure. Flournoy spokespeople weren’t available for comment by press time.
The building currently on the site has had its door boarded up in recent months.
The site’s redevelopment became a prospect in 2021 when Windsor’s owner, Utah firm J. Fisher Cos., discharged all of its residents ahead of some planned renovations of the current three-story building. The memory care and senior living facility never reopened, and by fall 2022, Flournoy had filed plans for its project.
Flournoy’s development required a special-use permit, and during the entitlement process, the developer tweaked the project’s design, namely changing the setbacks on the building’s higher floors and incorporating more brick in the façade than was initially planned. City Council approved Flournoy’s SUP in the spring.
In addition to the 253 apartments, the development is also planned to include a 330-space parking deck and amenities including a pool and courtyard. No commercial space is planned.
As Flournoy gears up to begin its project, the fate of another nearby parcel is less clear.
To the south, at 3600 Floyd Ave., is a nearly 1-acre parcel with six residential and office buildings on it. In 2019 the parcel had been eyed for a 5-story hotel, but that deal fell apart, and in 2020 the land sold for $3.5 million to Doswell Ventures LLC, a group that includes some execs from HVAC firm Woodfin.
No plans have been filed for the Floyd site since. Doswell Ventures didn’t immediately respond to a request seeking comment.
A rendering of the building planned at 3600 Grove Ave. (BizSense file photo)
For the second time this year, a piece of the Museum District has fetched eight figures ahead of a major residential redevelopment.
The former Windsor Senior Living building at 3600 Grove Ave. has sold for $10 million, city records show.
The buyer was Georgia-based Flournoy Development Group, which is planning to raze the structure to make way for a new six-story, 253-unit building.
Flournoy’s project would be among the highest-density new builds seen in the Museum District in recent years.
The developer closed on the building and 2.25-acre parcel on Nov. 30. The per-acre sale price equates to $4.4 million.
The city most recently assessed the property at $3.6 million.
The deal marks the second time this year that a developer has spent $10 million or more on Museum District real estate. In January, local firm SNP Properties paid $10.5 million for the former Saint Gertrude High School campus. SNP is converting the old Saint Gertrude structures into 39 apartments with plans to later convert them into for-sale condos.
Demolition of the nearly 70-year-old Windsor facility now looks imminent, as a few days before closing, Flournoy filed for demo permits for the structure. Flournoy spokespeople weren’t available for comment by press time.
The building currently on the site has had its door boarded up in recent months.
The site’s redevelopment became a prospect in 2021 when Windsor’s owner, Utah firm J. Fisher Cos., discharged all of its residents ahead of some planned renovations of the current three-story building. The memory care and senior living facility never reopened, and by fall 2022, Flournoy had filed plans for its project.
Flournoy’s development required a special-use permit, and during the entitlement process, the developer tweaked the project’s design, namely changing the setbacks on the building’s higher floors and incorporating more brick in the façade than was initially planned. City Council approved Flournoy’s SUP in the spring.
In addition to the 253 apartments, the development is also planned to include a 330-space parking deck and amenities including a pool and courtyard. No commercial space is planned.
As Flournoy gears up to begin its project, the fate of another nearby parcel is less clear.
To the south, at 3600 Floyd Ave., is a nearly 1-acre parcel with six residential and office buildings on it. In 2019 the parcel had been eyed for a 5-story hotel, but that deal fell apart, and in 2020 the land sold for $3.5 million to Doswell Ventures LLC, a group that includes some execs from HVAC firm Woodfin.
No plans have been filed for the Floyd site since. Doswell Ventures didn’t immediately respond to a request seeking comment.
That’s an order of magnitude close to $90 million in total construction and more than one million each year in real estate taxes. It’s a boon to the city coffers.
Offset by how much in tax credits?
Considering they are not saving any of the buildings to renovate I am not sure it qualifies for any unless they give some for redevelopment of a property in general.
There are no tax credits involved since it is entirely new construction. This is why developing underutilized property in the city is vital to our economic future. We need projects like this to create new revenue for maintaining and improving city services.
Agreed.
How is it possible to put 252 units in a postage sized lot.
To pay 10 million for this property is strange.
How this was ever approved ?
Too much density?
continue to kill a nice area.
There are 43,560 square feet in an acre. Let’s say each unit is an average of 1,000 square feet (pretty generous). 253,000 divided by 6 (how many stories) and you get 42,167 square feet/floor. That is less than one acre and the site is 2.25 acres. Sounds like it fits to me. As for the $10mil? That comes out to just under $40k per unit. That is not an outrageously low or high number for multi-family land. Too much density? What else do you expect next to a highway, detached single family homes? This is the City next to a… Read more »
100% on all points. Well said, David.
This comment is ridiculous on so many levels but fundamentally as a neighbor I think this makes the neighborhood better. We need to give people places to live that are walkable. By New York City standards or even Paris standards this is incredibly not dense
As a reasonably near neighbor I’m excited to see this happen it’s good for the neighborhood. Richmond needs walkable housing
Same. Also nearby. Also glad to have more people to walk over to Carytown and patronize the shops and restaurants.
Exactly. I live here for the restaurants etc, not the bad parking and incompetent govt. And they need customers to thrive