Midlothian Depot would include an undisclosed grocery anchor, 350 apartments and additional commercial space at the corner of Midlothian Turnpike and Alverser Drive.
The Richmond-based developer is moving ahead after Philadelphia-based Parkway Corp. withdrew from the project and sold it the land.
“The redevelopment of the Diamond District site is intended to be financially self-sustaining, meaning that the new development in the Diamond District will generate enough tax revenue to pay debt service for Community Development Authority bond financing,” new city documents state.
The deal for the 262-unit Tapestry West comes out to $350,0000 per door, a figure that breaks the buyer’s previous local price record.
The changes include shifting one of the apartment towers 81 feet to the east and 20 feet closer to the river, while adding height and decreasing length on the other, all to maintain more of the brewery’s riverfront view.
“It was like twisting ourselves into a pretzel to ensure that all of those resources would go forward,” Better Housing Coalition’s Greta Harris said of the deal with Virginia Supportive Housing.
This is the first in a series of five commentaries examining the current challenges and possibilities for preservation in fast-redeveloping areas of the city.
The 7-acre wooded tract had been owned by Gumenick Properties, which had previously secured approval for a 10-story condo project.
The 12,500-square-foot mansion went to a director at UR’s investment arm and a travel advisor who relocated to the area from Connecticut.
The seller, locally based Levco Management, had purchased the buildings and their 126 units between 2015 and 2018 for a total of $18.5 million.
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