The number of apartments in Manchester looks set to continue to grow as two local developers team up again to bring another new project to the neighborhood.
Fountainhead Real Estate Development and Dodson Development Group are planning a 163-unit apartment complex at 500 Maury St., about one block south of the recently completed I-95-Maury Street roundabout.
The six-story building will span 143,000 square feet and will be built on a 0.6-acre lot where a vacant warehouse currently stands.
Dodson and Fountainhead previously worked together. nesta project of similar scale along Broad Street in Scott’s Addition.
Fountainhead’s Tom Papa has been a prolific developer in Manchester for years, with projects like a 14-story building counting. South Falls TowerPlant Zero Complex and The Box on Decatur Streetis still under construction.
The two companies purchased the land at 500 Maury St. and two adjacent lots at 511 Albany St. and 413 E. 5th St. in July for $2.05 million. The parcel totals just over 1 acre.
Fountainhead’s Tom Papa had considered building an extended-stay hotel/apartment combination, but played it safe amid rising interest rates and construction costs.
“We explored hotels, but we flipped out,” said Dad. That’s it.”
In addition to the adjacent parking lot at 511 Albany St., a 70-space podium-style parking deck will be constructed under the five-story apartment complex. We are also planning a bicycle parking lot that can accommodate 48 cars.
A lobby, gym, and terrace are some of the amenities included in the plan, and Dad said he’s considering adding a pickleball court.
Walter Parks Architects is the project’s architect and Sekiv Solutions is its engineer.
The Dodson and Fountainhead project sites are part of Manchester, But there is growing interest from developersPapa believes that trend will continue, but said developers such as Richmond may be reconsidering some projects.
“The world is getting more interesting and more difficult. “But most developers around the world keep paddling, then reach a decision point and either freeze[the project]or continue.”