Commercial Real Estate

From the Heart Church Ministries of Richmond has put about $5 million total into its purchase and renovation of the 38-acre former Abundant Life Church of Christ building in eastern Henrico.

The 6-acre plot at 4400 W. Broad St. that’s twice been eyed for large apartment projects by out-of-town developers was once again listed for sale last week.

Reynolds Development is seeking to rezone 31 of Reynolds Crossing’s 58 acres to convert much of its surface parking lots into new buildings of up to 12 stories and add more than 1,000 residential units.

The North Carolina investor paid nearly $1.5 million for the property in January of 2020, just in time to be dealt a blow by the pandemic-induced office market downturn.

With four neighborhood markets up and running elsewhere in the city, three cousins are now looking to bring their concept to the Southside to help quell Manchester’s grocery needs. 

Virginia Supportive Housing is planning the four-story building on undeveloped land across from the Northside Campus of Richmond Behavioral Health Authority, which is donating the site.

It would be the largest new-construction apartment development the neighborhood’s seen in recent years and would add to 125 units and dozens of townhomes that are already in the works next door.

While it has the construction team in place, the Danish toymaker now expects to start production as the factory in 2027, rather than 2025 as initially announced.

“I can’t honestly tell you what it’s going to end up being,” said Richard Souter. “This rezoning just opens up our landscape of potential opportunities.”

Work is underway in the city on a pair of sizable multifamily developments that together will bring more than 450 new bedrooms to Scott’s Addition and the Museum District.