Residential Real Estate

The $41 million development is planned to include 106 apartments and 25 for-sale townhomes on 10 acres just east of the county’s Eastern Government Center.

The Henrico-based developer is contributing $17 million toward a $35.1 million purchase of the Scott Farm land, with the county paying another $17 million through its Economic Development Authority and the EDA pitching in another $1.1 million.

Boone Homes is under contract to purchase the site from Bill Stinson, a fellow homebuilder and co-founder of landscape supply company Yard Works whose family has owned the land for decades.

“I think there’s an opportunity to provide high-quality rental living for people as they figure out how to navigate putting together a down payment, extremely high interest rates and all the other challenges that go with qualifying for your first home mortgage,” said Chipp Naylon.

An investment banker and a consultant bought the nearly 20-year-old house on Old Locke Lane, which last topped the monthly sales list in November 2021.

The company paid $1.23 million for a 22-acre site at Hopkins and Warwick roads, where it’s planning a mix of houses and townhomes that will make up a community called Kinwick, one of HHHunt’s first in South Richmond.

Crescent Development and Spy Rock Real Estate are behind the project, which Crescent’s Zac Frederick describes as intergenerational housing, with a mix of units restricted to different age groups.

Vertical Builders recently began construction of The Grove on Hamilton, a six-townhome development on a 0.3-acre lot at the northwest corner of Grove and North Hamilton Street near the Museum District. 

The sale came in below the home’s $4.5 million list price, and three weeks after a house across the street sold for nearly $1 million over asking.