A recurring collaboration between two Richmond development firms is bearing fruit in the form of three residential projects targeting low-income renters that are taking shape in different parts of the city.
Residential Real Estate
The city now has new rules lined up to make short-term home rentals legal, while council also voted Monday night to declare one of the Navy Hill properties surplus, allowing for a formal RFP.
In Scott’s Addition, it’s become common practice for developers to convert derelict warehouses into residential units. But a career electrician and local broker have flipped the trend and converted a set of old row houses into commercial space.
“In light of what’s happening in the hospitality industry, we pivoted to apartments,” Norman Jemal said. “The building is a very well-built building that fortunately works very well for both a hotel or apartments.”
The latest deal gives Bonaventure Realty Group more than an acre of undeveloped land in the sought-after neighborhood. The company bought the Scott’s Edge apartments last year for nearly $18 million.
Two members of one of the more prominent families in Richmond have put their longtime residence in Windsor Farms on the market.
With the final nail hammered on the last of four new homes they developed around the oldest house in Byrd Park, a local residential development duo is turning their attention to their next infill project on the other side of the river.
A transaction between doctors led the pack of area home sales in May, edging out four other seven-figure deals that each came in at $1.4 million.
A townhome development taking shape in Midlothian is introducing a new product from one of the region’s more active homebuilders.
If all goes as planned, hundreds of new apartments will take shape in the Ownby Lane-Overbrook Road neighborhood near The Diamond, as Spy Rock Real Estate Group and Louis Salomonsky’s Historic Housing move forward with new projects.