A site plan shows the seven buildings that would house the apartments near the intersection of Walmsley and Broad Rock boulevards. (Image courtesy Spy Rock Real Estate)
Note: This story has been updated with area median income calculations provided by the developer.
For their latest collaboration, a pair of local developers are venturing into South Richmond with an infill project slated to add hundreds of lower-income homes at Walmsley and Broad Rock boulevards.
Crescent Development and Spy Rock Real Estate are planning a residential development totaling 276 income-based apartments on 10 acres in the 4800 block of Walmsley Boulevard, just west of the Broad Rock intersection.
The apartments would be housed in seven multistory buildings and rented to households making 60 percent or less of the area median income. Crescent’s Zac Frederick said that comes out to $48,000 or less for a one-bedroom unit, $57,600 for a two-bedroom and $66,540 for a three-bedroom.
Frederick said such rental housing is in demand in that part of town, where he said development interest and activity has been lacking.
Zac Frederick
“Frankly there hasn’t been a heck of a lot of investment and development down there in many years,” Frederick said. “The market is strong, strong occupancy, so we think there’s definitely demand and we want to fill that with some quality supply.”
Frederick said the project would be novel to the market by incorporating an approach called intergenerational housing, in which different units in the same development are targeted to different age groups to create an intergenerational mix.
“In the same community we’ll have units dedicated strictly for seniors, and there’ll be another portion within the community that’ll be dedicated for families. It’s unique and it’s proven to be successful throughout the country, and I think it’ll be well received in the market here as well,” Frederick said.
The development would replace four houses fronting Walmsley Boulevard and fill wooded land beside Second Baptist Church and Brookmont Apartments. An existing entrance for the church would provide access to the site from Walmsley, and about 400 parking spaces would be included in the development. A clubhouse and pool also are planned.
The project has been revised from a previous proposal that called for nine three-story apartment buildings and a potential commercial or mixed-use component along Walmsley. Frederick said the project now is completely residential. Unit sizes and building renderings were not provided.
Crescent and Spy Rock have an agreement to purchase the site, which involves seven parcels, pending zoning approval. A rezoning request went before the Richmond Planning Commission this week and was recommended for approval by City Council, which is scheduled to vote on it Monday. Preston Lloyd with Williams Mullen is representing the developers in their request.
The parcels are owned by Chin Ha Kim or an LLC owned by Kim, property records show. The parcels are assessed by the city at $1.27 million collectively.
Frederick said the site was not listed for sale but came to his attention via Bill Mattox with commercial real estate brokerage Mattox & Co., who he said was searching for potential development opportunities using the city’s Richmond 300 master plan as a guide.
“He was out snooping around on the hunt for quality projects,” Frederick said. “I pointed him to the Richmond 300 as kind of the roadmap on likely candidates for this type of project. Much credit goes to Bill for uncovering this opportunity and negotiating with the seller on our behalf.”
Poole & Poole Architecture is designing the apartments, and VHB is the civil engineer. Frederick said a contractor has not been selected.
Pending council approval, Frederick said construction is expected to start early next year and last up to 22 months. He said a cost estimate for the project would depend on a pro forma that remains in the works.
The project is the first for Crescent and Spy Rock in South Richmond and would add to a sizable portfolio that the firms have amassed in recent years.
Having previously collaborated on other local developments including The Oliver in Shockoe Valley and The Westbrook at Brewers Row near The Diamond, the duo is developing the 300-unit Springdale Park on the site of the former Henrico Plaza Shopping Center. Crescent and Spy Rock are also preparing to develop the former Days Inn of Richmond site on Chamberlayne Road with 186 lower-income apartments.
Frederick said Springdale Park is preleasing, with the first units to be completed late this year or early next year. He said development plans for the Days Inn site are under city review and construction on that project could start by the end of this year.
Correction: Bill Mattox is president of commercial real estate brokerage Mattox & Co. An earlier version of this story incorrectly affiliated him with a different brokerage.
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