Home News SNP to go it alone on 12-story Jackson Ward apartment tower after $6M buy

SNP to go it alone on 12-story Jackson Ward apartment tower after $6M buy

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The parking lot at the corner of East Marshall and North 2nd Streets is part of a city deal to move Stone Brewing Co. to Richmond in 2016. (Photo of Mike Platania)

After initially planning to partner with a Philadelphia firm on a new 250-unit apartment in Jackson Borough, Richmond-based developer SNP Properties is working on the project on its own.

Earlier this month, SNP purchased about an acre of parking at 200 E. Marshall St. from Philadelphia-based Parkway Corp. Parkway Corp. had teamed with SNP to build his 12-story multi-purpose tower on the site.

SNP paid $6.1 million for the parcel. Most recently, he was valued at $2.5 million by the city, and Parkway has owned him since 2016, when he paid him $2 million.

Parkway CEO Robert Zuritsky confirmed this week that the company is no longer involved in the project.

“I loved the project, but the timing of the construction costs was difficult. “I wish (SNP) all the best.”

SNP co-founder Eric Phipps said the company is continuing to develop and its specs haven’t changed.

“I thought it would be a better structure if we were developers,” Phipps said of Parkway’s departure. “(This deal) achieved what everyone was trying to achieve.”

Phipps said he hopes to break ground on the project within the next 60 days and that construction will take about two years. Walter Parks Architects is the designer for the project. Phipps said it has yet to finalize a general contractor.

The 12-story building is one of the tallest new buildings built in the Jackson borough in recent years and Phipps said it will be the largest project in SNP’s portfolio.

The proposed apartment building will replace a parking lot in Jackson Ward. (Rendering Courtesy of City Documents)

In addition to 255 apartments, the building will include 10,000 square feet of commercial space.

“One of the retail spaces is perfect for a restaurant.

The project was previously called Admiral, but Phipps said he was planning a new name.

The soon-to-be-developed car park was once owned by the city’s Department of Economic Development, but was sold to the Lip family restaurant company in 2015 in exchange for an intermediate terminal building near Rockets Landing. EDA needed a terminal building in a 2014 pitch to bring Stone Brewing Co. to Richmond.

Ripps owned the Jackson Ward parking lot about a year ago. Sold to Parkway for $2 million in 2016the terminal building that was once slated to become Stone Bistro sat idle while the brewery and city continued to function. Consider building feasibility as a restaurant.

Parkway, meanwhile, has a presence in Richmond similar to last year Spent about $3 million on a pair of parking lots Along Grace Street in Monroe. Zlitsky said the company hasn’t finalized plans for those sites, but he said he remains excited about the region and the Richmond market.

In addition to Marshall’s 12-story tower, SNP has two redevelopments at either end of the city in the pipeline.

In the Museum District, SNPs are plan to convert The former St. Gertrude High School campus has been transformed into 38 apartments. Phipps said the property is still under contract and the city’s planning commission will vote on SNP’s request for a special use permit for the project at his Oct. 3 meeting.

Speaking to Shockoe Slip, Phipps said they’re still working on the plan. Complex redevelopment of the former LaDiff building 125 S. 14th St. We bought the property last year for $10 million.

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