Undaunted by neighborhood opposition, a New York developer planning two residential towers in Manchester has signed a record deal for the land needed for the project.
Avery Hall Investments bought 301 W. Sixth St. for $17.25 million this week, city records show.
The 2.9 acre site is where the Brooklyn-based company is located. Plan a 9-figure project This will allow up to 550 apartments spread over two towers of 16 and 17 floors.
The proposal provoked the wrath of some of the neighborhoodIts adjacent restaurants and breweries, including Legend Brewing Co., have patio views partially obstructed by newer buildings. Avery Hall eventually tweaked the design plan after talking with his neighbors to limit some of the skyline obstacles.
At $5.9 million per acre, the deal broke Richmond’s previous sales price per acre record. The record is the purchase of CoStar and his four acres of land on the river adjacent to Browns Island for $5 million per acre. CoStar is now A plan to build a 26-story office tower on the site.
Avery Hall partner Brian Ezra said in a statement that the company is excited to take this step toward bringing the project to life.
“After listening to what the community has to say, we have been working hard over the past few months to revise the design. We are looking forward to it,” said Ezra.
The sellers in this transaction were Guy Brandon, Mark Purcell, Keith Woodard and Ludwig Kutner, who purchased 2.2 acres of the approximately 3-acre parcel. For $8.7 Million Spring 2020They later purchased 0.7 acres of road from the Norfolk Southern Railway, which was not reflected in city records.
Blundon’s group had planned to build two 11-story high-rise condominiums on the site, with a total of 344 units, but work has stalled and will be delayed until late 2021. they listed the land, and approved plans and permits are sold. Sellers were represented by Bruce Milam of Bruce Commercial Realty and Mike Lowry of Northmarq.
For the Avery Hall project, the RF-2 riverfront zoning of the land limits the building height to 13 stories, so a special-use permit will be required to permit the project. Avery Hall has not yet applied for a SUP.