The infill site is along Riverside Drive on a bluff overlooking the James River. (Images courtesy One South Realty Group)
After a court order temporarily halted the development last summer, a residential infill project along Riverside Drive is starting to take shape with all eight of its home lots sold or under contract.
Sales started and ended in January for South Bank Ridge, an eight-home development that’s filling the bulk of a 3-acre subdivided lot at 4614 Riverside Drive, where an existing century-old house remains.
Two of three lots fronting Riverside were listed at $385,000 and $425,000 when they were put under contract, while two lots behind those – likewise accessed by a private road off Southcliff Road – were each listed at $250,000. The sales remained pending and had not been recorded with the city as of Wednesday.
The third lot fronting Riverside was described as sold in a marketing flyer earlier this year. Property records still list the owner as Riverside Southcliff LLC, the development group that’s also the seller on the other lots.
The eight lots were subdivided from a 3-acre lot and wrap around the original house at Riverside and Southcliff.
The remaining three lots fronting Southcliff were previously bought by Biringer Builders, which will build homes to be sold later this year. Biringer paid $138,000 in 2021 for each of the quarter-acre lots, on which it plans to build three houses projected to cost $500,000 apiece to construct, according to building permits filed with the city.
The rest of the lots are under contract to individual buyers who will be building their own homes, said One South Realty Group’s Andrea Levine and Patrick Sullivan, who co-listed the parcels. One South Realty is now part of Northern Virginia-based Samson Properties.
Andrea Levine
Levine said interest in the lots was high out of the gate, with multiple offers made on each.
“It’s been interesting because it is such a rarity to have city lots like that as a group come on the market,” she said. “There were a couple of investors that were interested, but they were not the final purchasers.”
Sullivan said the last two lots were listed Jan. 29, and that by Jan. 30, all were under contract.
Patrick Sullivan
“It’s always nice when you get that type of response,” Sullivan said. “There was no real precedent in place for us as we looked through pricing. It’s not like you had a handful of comparable lots that you could price them against. But we knew it was pretty special from the beginning, and the market certainly felt the same way.”
Homes built at South Bank Ridge are required to adhere to architectural guidelines set forth by a design review committee tied to the development group. The guidelines cover such details as architectural styles, exterior materials, roofing, color palette, setbacks and proportions, windows and doors, and landscaping.
The guidelines do not restrict the sizes of the homes, which have been said to likely range from 2,600 to 3,000 square feet. Sullivan said the Biringer homes along Southcliff are planned to feature a modern take on Tudor Revival architecture, while the Riverside homes will feature more modern designs.
Levine said three of the buyers are local and one is from out of town. She said one of the local buyers bought both of the rear lots, indicating the possibility of a single, potentially larger home being built on a double lot. While the guidelines do not limit the homes’ sizes, Levine noted they would remain restricted by city zoning.
The century-old house at Riverside and Southcliff is adjacent to the new home sites, which were subdivided from its lot. (BizSense file photo)
In the works for years, South Bank Ridge got underway in 2022 but was halted for about a week last summer when a judge granted an emergency temporary injunction to a group of Forest Hill residents who claimed that rock blasting for the development would exacerbate damage to their homes that they alleged started with previous land disturbance for the project.
The injunction was lifted after a daylong hearing in which the judge sided with the developers to continue with the project.
Leading the project is the development group whose members include Chris Bossola, Doug Hilemn and Burt Pinnock. Bossola is one of the heads of local startup The Endowment Project and once owned Need Supply Co., Hilemn owns a namesake construction firm and is a former Eagle Commercial Construction president, and Pinnock is a principal and board chairman at architecture firm Baskervill.
The group purchased the property for $1.4 million in 2017 and had it subdivided the following year when the existing 1920s-era house was sold to the current owners for $1.2 million. Pinnock has said he plans to make one of the new homes his residence.
Sullivan said he and Levine have a waiting list for the three Biringer homes, which he said would hit the market after construction starts and would likely be finished this summer. He said Biringer is in the process of securing building permits, which needed to be amended because of the private road and stormwater infrastructure installed after applications were filed.
The infill site is along Riverside Drive on a bluff overlooking the James River. (Images courtesy One South Realty Group)
After a court order temporarily halted the development last summer, a residential infill project along Riverside Drive is starting to take shape with all eight of its home lots sold or under contract.
Sales started and ended in January for South Bank Ridge, an eight-home development that’s filling the bulk of a 3-acre subdivided lot at 4614 Riverside Drive, where an existing century-old house remains.
Two of three lots fronting Riverside were listed at $385,000 and $425,000 when they were put under contract, while two lots behind those – likewise accessed by a private road off Southcliff Road – were each listed at $250,000. The sales remained pending and had not been recorded with the city as of Wednesday.
The third lot fronting Riverside was described as sold in a marketing flyer earlier this year. Property records still list the owner as Riverside Southcliff LLC, the development group that’s also the seller on the other lots.
The eight lots were subdivided from a 3-acre lot and wrap around the original house at Riverside and Southcliff.
The remaining three lots fronting Southcliff were previously bought by Biringer Builders, which will build homes to be sold later this year. Biringer paid $138,000 in 2021 for each of the quarter-acre lots, on which it plans to build three houses projected to cost $500,000 apiece to construct, according to building permits filed with the city.
The rest of the lots are under contract to individual buyers who will be building their own homes, said One South Realty Group’s Andrea Levine and Patrick Sullivan, who co-listed the parcels. One South Realty is now part of Northern Virginia-based Samson Properties.
Andrea Levine
Levine said interest in the lots was high out of the gate, with multiple offers made on each.
“It’s been interesting because it is such a rarity to have city lots like that as a group come on the market,” she said. “There were a couple of investors that were interested, but they were not the final purchasers.”
Sullivan said the last two lots were listed Jan. 29, and that by Jan. 30, all were under contract.
Patrick Sullivan
“It’s always nice when you get that type of response,” Sullivan said. “There was no real precedent in place for us as we looked through pricing. It’s not like you had a handful of comparable lots that you could price them against. But we knew it was pretty special from the beginning, and the market certainly felt the same way.”
Homes built at South Bank Ridge are required to adhere to architectural guidelines set forth by a design review committee tied to the development group. The guidelines cover such details as architectural styles, exterior materials, roofing, color palette, setbacks and proportions, windows and doors, and landscaping.
The guidelines do not restrict the sizes of the homes, which have been said to likely range from 2,600 to 3,000 square feet. Sullivan said the Biringer homes along Southcliff are planned to feature a modern take on Tudor Revival architecture, while the Riverside homes will feature more modern designs.
Levine said three of the buyers are local and one is from out of town. She said one of the local buyers bought both of the rear lots, indicating the possibility of a single, potentially larger home being built on a double lot. While the guidelines do not limit the homes’ sizes, Levine noted they would remain restricted by city zoning.
The century-old house at Riverside and Southcliff is adjacent to the new home sites, which were subdivided from its lot. (BizSense file photo)
In the works for years, South Bank Ridge got underway in 2022 but was halted for about a week last summer when a judge granted an emergency temporary injunction to a group of Forest Hill residents who claimed that rock blasting for the development would exacerbate damage to their homes that they alleged started with previous land disturbance for the project.
The injunction was lifted after a daylong hearing in which the judge sided with the developers to continue with the project.
Leading the project is the development group whose members include Chris Bossola, Doug Hilemn and Burt Pinnock. Bossola is one of the heads of local startup The Endowment Project and once owned Need Supply Co., Hilemn owns a namesake construction firm and is a former Eagle Commercial Construction president, and Pinnock is a principal and board chairman at architecture firm Baskervill.
The group purchased the property for $1.4 million in 2017 and had it subdivided the following year when the existing 1920s-era house was sold to the current owners for $1.2 million. Pinnock has said he plans to make one of the new homes his residence.
Sullivan said he and Levine have a waiting list for the three Biringer homes, which he said would hit the market after construction starts and would likely be finished this summer. He said Biringer is in the process of securing building permits, which needed to be amended because of the private road and stormwater infrastructure installed after applications were filed.