The wooded site was formerly owned by Bow Tie Partners. (BizSense file photo)
A long-planned apartment complex near Scott’s Addition is set to move forward with a giant of the development world taking a leading role.
South Carolina-based Greystar recently filed building permits for a five-story apartment building at 2700 W. Leigh St., a 6-acre wooded area that’s next to the Movieland At Boulevard Square complex.
Greystar is a major player in the multifamily industry with a portfolio that counts nearly 1 million units across the globe and over $36 billion in assets under management. Locally, the firm recently wrapped up construction on The Otis, a nearly 350-unit Scott’s Addition apartment building that it co-developed with Henrico-based Capital Square.
The planned development of the Leigh Street land has been in the works for more than two years, but it wasn’t until now that Greystar’s involvement was revealed.
In 2022 Movieland’s owner, Bow Tie Partners, sold the Leigh Street plot for nearly $16 million to D.C.-based Level 2 Development and SJG Properties as well as Maryland-based private equity firm FCP.
Shortly after buying the Leigh Street plot, Level 2, SJG and FCP filed plans for a five-story, 374-unit building but work never got underway.
Now, in a building permit filed by Greystar in recent weeks, the project lists 388 units.
It’s unclear from the permit who exactly is on the development team with Greystar going forward. A spokesperson for Level 2 confirmed that it’s still part of the project, while FCP declined to comment and SJG Properties did not respond to requests for comment. A Greystar spokesperson said “the development team is not commenting on this project right now.”
City records show the land is still owned by the Level 2, FCP and SJG-affiliated entity that bought it two years ago.
Poole & Poole Architecture is the project architect. The project cost estimate, according to the permit, is $66.9 million.
The new apartments would rise just south of the Flying Squirrels’ new ballpark and across the street from Midtown Green, the former Washington Commanders training camp facility that’s now set to become the city’s parks department’s headquarters.
Level 2 and SJG are also busy building The Ace, an eight-story mixed-use building nearby at 1117-1209 N. Arthur Ashe Blvd.
The wooded site was formerly owned by Bow Tie Partners. (BizSense file photo)
A long-planned apartment complex near Scott’s Addition is set to move forward with a giant of the development world taking a leading role.
South Carolina-based Greystar recently filed building permits for a five-story apartment building at 2700 W. Leigh St., a 6-acre wooded area that’s next to the Movieland At Boulevard Square complex.
Greystar is a major player in the multifamily industry with a portfolio that counts nearly 1 million units across the globe and over $36 billion in assets under management. Locally, the firm recently wrapped up construction on The Otis, a nearly 350-unit Scott’s Addition apartment building that it co-developed with Henrico-based Capital Square.
The planned development of the Leigh Street land has been in the works for more than two years, but it wasn’t until now that Greystar’s involvement was revealed.
In 2022 Movieland’s owner, Bow Tie Partners, sold the Leigh Street plot for nearly $16 million to D.C.-based Level 2 Development and SJG Properties as well as Maryland-based private equity firm FCP.
Shortly after buying the Leigh Street plot, Level 2, SJG and FCP filed plans for a five-story, 374-unit building but work never got underway.
Now, in a building permit filed by Greystar in recent weeks, the project lists 388 units.
It’s unclear from the permit who exactly is on the development team with Greystar going forward. A spokesperson for Level 2 confirmed that it’s still part of the project, while FCP declined to comment and SJG Properties did not respond to requests for comment. A Greystar spokesperson said “the development team is not commenting on this project right now.”
City records show the land is still owned by the Level 2, FCP and SJG-affiliated entity that bought it two years ago.
Poole & Poole Architecture is the project architect. The project cost estimate, according to the permit, is $66.9 million.
The new apartments would rise just south of the Flying Squirrels’ new ballpark and across the street from Midtown Green, the former Washington Commanders training camp facility that’s now set to become the city’s parks department’s headquarters.
Level 2 and SJG are also busy building The Ace, an eight-story mixed-use building nearby at 1117-1209 N. Arthur Ashe Blvd.
Richmond 300 shows a signature ped/bike bridge crossing the tracks and landing at Leigh making a very easy and safe connection to the diamond area from all of the development south of the tracks.
Why just 5 stories? They can go higher than that with pedestal construction. I really wish some of these places would go even higher in density.
Totally agree, David. I’d love to see more height, more density. Biggest issue at this point is most likely cost. The footprint of the property is huge – and it’s a lot cheaper to build the same number of units on larger floor plates and fewer of them than on smaller floor plates and more of them. I’m guessing that if interest rates continue coming down, we might see larger developments (read: taller, more density) start coming back into focus, depending on where in the city they are constructed. Either way, very exciting to see this development getting dusted off… Read more »
I know it is not popular here to mention what developers or the Market wants, but I am pretty sure that five stories is a Sweet Spot threshold as far as costs to build — for instance, I believe that is the limit before builders are required to use a lot more steel I-beams and things.
Good point, Shawn. Mind you, I don’t know what the actual threshold is, but developers are still able to go stick frame up to at least eight stories. The Ace on Arthur Ashe Boulevard is eight stories. The center of the three buildings on W. Marshall on the former N. Chasen & Sons property is seven stories and it’s wood frame. Both buildings are rising on footprints quite a bit smaller than the Greystar site.
Fire codes prevent stick building of more than five stories. There is a tremendous cost in the added concrete and steel.
Thanks, Bruce. Good to know. Question: I notice that the Ace on Arthur Ashe Boulevard (eight stories) has six floors of stick above two levels of concrete pedestal. Is there a special exemption (perhaps if treated materials are used) to go above the fire code limit of five stories?
Five stories is definitely not the threshold, especially if you thrown in a story or two high pedestal on the bottom. I’d be happy if the went 6-7, which they can definitely do.
Plus the Otis one of the most expensive apartment buildings in the area so I don’t think the cost to build is quite the same for this company as for others.
Absolutely right, David. Those seven and eight-story buildings rising in Scott’s are 5 over 2 and 6 over 2 construction. Two story concrete pedestals usually for parking – and five or six floors of residential space above. Quite a few new buildings in Manchester are of this design as well.
Well, okay but there are going to be various sweet spots that have a LOT to do with market forces —- right now they are building to the height that they are building to (and five stories is obviously SOME kind of threshold — Bruce says fire codes — I am not contradicting him but it COULD be that you can build higher stick BUT you need to do something expensive like more egress, sprinklers —- don’t know. What I DO know is that developers have builders build tall when that makes economic sense — but once you hit a… Read more »
Who is behind Greystar?
It’s a public company. You can buy its stock.
“Greystar recently filed building permits for…” Just for clarity, does this mean they filed applications with the City for building permits? Or they already have the permits? And, “It’s unclear from the permit…” is it the aforementioned application that is unclear? Just wondering from a timeline perspective if they’re moving dirt this month or they’ve just started their reviews which can take a while.
I thought building permits were issued,I never heard of filing a building permit.
Another ugly apartment building with no parking. I prefer the trees. Completely ruining my neighborhood. And yes, the architectural requirement change drastically the taller you go. The people who want a taller building obviously don’t live in the area. Build this crap in Short Pump or somewhere else.