A one-story office building sits on the site just east of the Willow Lawn Gold’s Gym parking lot. (Google Earth)
With its first Richmond-area project reaching the finish line in central Henrico, a New York developer has lined up its follow-up act next to Willow Lawn.
Aurelie Capital has purchased a 1-acre parcel at 4907-4911 Augusta Ave. for $3.1 million, city and county records show.
A one-story, roughly 17,000-square-foot office building stands on the site, which sits just east of Willow Lawn.
Aurelie made its entrance into Richmond in 2018 when it purchased the Millspring Commons apartments in Henrico County. Two years later it sold the complex, bought the aging Laurel Park Shopping Center at 2314 Hungary Road for $1.5 million and began plotting a sizable redevelopment of the 16-acre site.
That development, dubbed Ainsworth, with more than 275 apartments, dozens of rental townhomes and 12,000 square feet of commercial space, is now nearing completion.
The Augusta Avenue property gives Aurelie a foothold in the Monument Heights area at a time when the neighboring Willow Lawn shopping center is expected to add thousands of apartments and new commercial space as part of a major mixed-use redevelopment that would span more than a decade.
Aurelie’s newly purchased property straddles the Richmond-Henrico County line, requiring it to close two deals, one in each locality.
The larger of the two is in Henrico, where Aurelie paid $2 million for 0.7 acres at 4911 Augusta Ave. In the city, it paid $1.1 million for 0.3 acres at 4907 Augusta Ave. The two parcels were most recently assessed by the Richmond and Henrico at a combined $945,000.
The property’s previous owners were planning to demolish the office and build a mid-rise apartment building. (Mike Platania photo)
Pavan Malhotra, Aurelie’s managing principal, wasn’t available for comment by press time.
Aurelie bought the real estate from Scott Boyers, Jon Rasich and Jeremy Connell, a trio of developers who had been planning to demolish the 62-year-old office to make way for a six-story, 160-unit apartment building.
Boyers said the offer received from Aurelie was simply too good to turn down.
“We like the Willow Lawn area and had a good plan for it,” Boyers said of the property. “Sometimes when somebody makes you a good offer, you consider it.”
Boyers added that the sale included his group’s approved plans for the redevelopment, and that existing leases for tenants in the office building carried over in the sale. Current tenants include the nonprofit Gifted and a chiropractic practice.
Aurelie’s was the second deal to close in the Willow Lawn area last week. Petersburg-based Waukeshaw Development paid $2 million for a three-story office building at 4901 Fitzhugh Ave. Waukeshaw’s Dave McCormack, who also owns Trapezium Brewing in Petersburg, said he’s planning to modernize the Fitzhugh building for continued office use.
A one-story office building sits on the site just east of the Willow Lawn Gold’s Gym parking lot. (Google Earth)
With its first Richmond-area project reaching the finish line in central Henrico, a New York developer has lined up its follow-up act next to Willow Lawn.
Aurelie Capital has purchased a 1-acre parcel at 4907-4911 Augusta Ave. for $3.1 million, city and county records show.
A one-story, roughly 17,000-square-foot office building stands on the site, which sits just east of Willow Lawn.
Aurelie made its entrance into Richmond in 2018 when it purchased the Millspring Commons apartments in Henrico County. Two years later it sold the complex, bought the aging Laurel Park Shopping Center at 2314 Hungary Road for $1.5 million and began plotting a sizable redevelopment of the 16-acre site.
That development, dubbed Ainsworth, with more than 275 apartments, dozens of rental townhomes and 12,000 square feet of commercial space, is now nearing completion.
The Augusta Avenue property gives Aurelie a foothold in the Monument Heights area at a time when the neighboring Willow Lawn shopping center is expected to add thousands of apartments and new commercial space as part of a major mixed-use redevelopment that would span more than a decade.
Aurelie’s newly purchased property straddles the Richmond-Henrico County line, requiring it to close two deals, one in each locality.
The larger of the two is in Henrico, where Aurelie paid $2 million for 0.7 acres at 4911 Augusta Ave. In the city, it paid $1.1 million for 0.3 acres at 4907 Augusta Ave. The two parcels were most recently assessed by the Richmond and Henrico at a combined $945,000.
The property’s previous owners were planning to demolish the office and build a mid-rise apartment building. (Mike Platania photo)
Pavan Malhotra, Aurelie’s managing principal, wasn’t available for comment by press time.
Aurelie bought the real estate from Scott Boyers, Jon Rasich and Jeremy Connell, a trio of developers who had been planning to demolish the 62-year-old office to make way for a six-story, 160-unit apartment building.
Boyers said the offer received from Aurelie was simply too good to turn down.
“We like the Willow Lawn area and had a good plan for it,” Boyers said of the property. “Sometimes when somebody makes you a good offer, you consider it.”
Boyers added that the sale included his group’s approved plans for the redevelopment, and that existing leases for tenants in the office building carried over in the sale. Current tenants include the nonprofit Gifted and a chiropractic practice.
Aurelie’s was the second deal to close in the Willow Lawn area last week. Petersburg-based Waukeshaw Development paid $2 million for a three-story office building at 4901 Fitzhugh Ave. Waukeshaw’s Dave McCormack, who also owns Trapezium Brewing in Petersburg, said he’s planning to modernize the Fitzhugh building for continued office use.
Mike Lowry and I were pleased to represent the sellers in Aurelie purchase. Pavan Malholtra knew what he wanted and where he wanted to do it. He’s a determined young man with a great future ahead of him. The Will Lawn area is the next great frontier of redevelopment in the region as the march resumes down West Broad Street.
An excellent developer, with a vision.! I take pride in the results of his development of the Ainsworth, Class A, apartments, having represented the Seller of the old Laurel Park shopping center several years ago. Rebecca von Meister and I are proud to be representing Aurelie in the leasing of the retail space, at Ainsworth, for Taylor Long Properties.
It is an honor to be working with Pavan Malholtra and Brian Glass. Ainsworth is a gorgeous product and I look forward to seeing the next one.
Congrats to Pavan!