Already busy in other parts of the city, more and more active residential infill developers are paying attention to fans following recent land purchases.
Last month, Center Creek Homes purchased 1823-1827 W. Cary St. to build up to eight town homes.
The city paid $ 850,000 for a total of $ 375,000 to a quarter-acre parcel consisting of three recently evaluated parcels.
Now in the grass area, once Eck family real estate portfolio sale It ended earlier this year. Land was purchased from X in a $ 2.9 million transaction by a group of One South Commercial brokers in late December before the portfolio sale was completed. This included nine nearby town homes.
When Greg Schlon and Danmagder of Center Creek approached them, the brokers were pondering their options. The duo heads Center Creek Homes, the real estate arm of the Center Creek Capital Group, a private equity firm based in Washington, DC.
Center Creek has increased its presence in Richmond in recent years. Low-income development of 5 households in 2017 RSt.. , The Trio House on Lenny Avenue on the North Side, and A pair of town homes along Arthur Ashe Boulevard Near the Virginia Museum of History and Culture.
There are plans to build a townhouse on the land of West Cary, but Schlon said he still knows the exact number. He said they could build four units correctly, but were close enough to accommodate five that were considering seeking special licenses.
“Looking at what the underlying zoning can do, the lot width is less than 6 inches to fit in 5 units, which is how cookies sometimes crumble,” Shron said.
Already with SUP in mind, Schlon, who has more than 20 years of experience as an architect, decided to create another option to line up four town homes that share a back wall in two rows. Her proposal for her will bring eight new homes to the neighborhood.
“That could be a step forward for us,” Shron said.
Packing as much density as possible into such an infill project is part of the spirit of Center Creek, he said.
“For better or for worse, one of the things we want to do is to strengthen land use and challenge dense norms. Looking at the ever-increasing demand for housing and the declining supply in the vicinity of Richmond, it is. It must be part of the answer, “Shron said. “We need to think out of the box about how to use land in cities and in central areas that everyone wants to enter.”
Mr. Magder added: “Housing doesn’t necessarily have to be bigger and bigger. People like big houses, but in nice places you can build something a little more compact and maybe fit more units. And more living. Cheap.”
Shron and Magder said they are likely to make a decision on the West Cary site by mid-June and submit the plan shortly thereafter.
In the meantime, they are busy putting together the aforementioned developments in the East End and are called 20 & R because they are on 20th Avenue and R Street.
Four of the five units in the project have been sold or contracted to qualified buyers who earn less than 80% of the region’s median revenue. Mr. Magder said these sales were made possible with the help of a grant center creek received from the city’s Housing and Community Development Department.