Home News Nearly 3-acre Scott’s Addition assemblage sells for $10.8M

Nearly 3-acre Scott’s Addition assemblage sells for $10.8M

by admin
0 comment

An apartment planned for the N. Chasen & Son site. ((((Rendering provided by Capital Square).

At Scotts Addition, there is another record land transaction.

Last week, Capital Square bought about 2.7 acres of real estate near the intersection of West Marshall Street and Altamont Avenue for $ 10.8 million.

Most of the transactions were with N.Chasen & Son’s holding company on 2919-2924 W. Marshall and 2915 W. Clay Street. Capital Square also acquired the former Boulevard Baptist Church building on 2944 W. Marshall Street.

The deal is $ 4 million per acre, the highest ever land sale per acre in a popular region.The previous highest point was held by the DC development group I bought 1117-1209 N. Arthur Ashe Blvd.last year $ 3.8 million per acre.

Capital Square plans to destroy existing structures and give way to a trio of 350 mid-rise condominiums.

The project has been working for over a year, as was the case with Capital Square. Initially planning a partnership with Maryland-based Lerner Enterprises.. In addition to their work in development, the Lerner family is also a major owner of Washington Nationals, Recently reported They are looking to sell a baseball franchise.

Adam Stiffel, Executive Vice President of Development at Capital Square, said the company’s relationship with Lerner was “friendly and split along the way.” “Ultimately, we were more focused on Richmond and Scotts Addition.”

The Chasen family purchased Scott’s additive properties in the early 1970s and have been running painting and woodworking businesses nearby since then. N. Chasen & Son will stay there until the end of 2022, after which Stifel said Capital Square will begin demolition and construction in the first quarter of 2023.

  1. Leisa Deffenbaugh, CFO of N. Chasen & Son, said the business will continue despite the new headquarters.

N. Chasen & Son, a painting and woodworking company, has been a member of Scotts Addition since the early 1970s. ((((Mike Platania Photo).

“We’ll be reforming soon, but we can’t share anything yet,” says Deffenbaugh.

According to city records, the seller of the property at the adjacent Boulevard Baptist Church was the First Baptist Church in Richmond.

The house next to Longoven on 2939 W. Clay St., owned by N. Chasen & Son and continued to rent to the restaurant, was not included in the sale.

Chasen’s assets totaled $ 7.2 million and the church building was valued at $ 842,000. CBRE’s Jason Heatherington, Chris Wallace and Matt Hamilton represented Chasen’s on this deal.

According to Stiffel, the new apartment is The design is similar to OtisThe 6-storey building, Capital Square, is working on 1601 Rose Nice Road with South Carolina-based developer Greyster. Like Otis, the new project will include a four-story apartment on two floors of a structured parking lot, with Poole & Poole Architecture being the project’s designer.

One way the two projects differ is the amount of commercial space. Otis has about 10,000 square feet of commercial space PlantHouseCou Cou Rachou — Stifel, a bakery based in Grit Coffee and Charlottesville, said the Chasen site project is likely to have 2,500 to 5,000 square feet of commercial space.

Stifel described the success of pre-leasing at Capital Square’s. Scott’s collection nearby The apartment continued to drive the company and plan projects in the neighborhood.

“We’re really doing well with the first deal across the street,” Stiffel said, referring to Scott’s collection of ink buildings on 3000-3008 W. Clay Street. “I learned some lessons from what the market wants.”

Nearly 2,500 apartments are currently being built or planned at Scotts Addition.

One of the projects recently revealed is a planned 250 unit building. 1701 at Roseneath Road By Blackwood development.

You may also like