Inflation and rising interest rates do not seem to cool Manchester’s development boom.
The entire two blocks in the South Richmond area are functioning for potential new developments.
South Carolina-based developer The Beach Co. plans to build 260 apartments on 701 Perry St., according to a document submitted to South Carolina.
The site, now home to Thurston Spring Services, spans the entire block and Got on the market earlier this year Because the Thurstons are trying to withdraw cash from their neighborhood.
Their nearly two-acre crowd is at the 700 Semmes Ave. Catty Corner, and The Beach Co. is also here. Construction of a 6-story, 221-unit multipurpose building It is scheduled to be completed in the spring of 2023.
Earlier this month, Beach Co. applied to the city for a zoning confirmation for the Thurston site.
Details such as the height of the project and whether the company has a parcel contract are unknown. Beach’s development manager Timothy Cotter declined to comment, and Thurston’s list broker Bruce Miram declined to comment.
Meanwhile, a few blocks east, another entire block on 300-360 Stockton Street is for sale.
Surrounded by East Third, Stock, East Force and Everett Street, the two-acre site features 33 units of Stella 360 apartments and a 19,500-square-foot warehouse. Tesla’s Energy Division Leases Since the beginning of 2021.
Property Results, a local development company led by Sam McDonald and Mark Skold, owned the land and developed the apartment about 10 years ago. Mi-Ram also has that list. He said Tesla has about 18 months left to rent and the apartment is completely rented. The property is being marketed as an opportunity for both investment and redevelopment.
“We can level the entire block. Someone could come in and knock down those apartments, where we could build 300 apartments on 2 acres,” Miram said. “(Buyers) can wait 18 months from this point to review the plan, keep everything going, and be ready to clear and score in January 2024.
Offer price is not provided. The property was recently valued at a total of $ 5.4 million.
Mr. Miram said he believes the property results are trying to sell to free some of their time and attention, especially when the company is preparing to start work. Second phase of 65 units of PortRVA On Hull Street.
The Stockton Street parcel is located in part of Manchester, east of Hull Street and Decatur Street, and as Hull Street and Riverfront become a hot topic, developer interest begins to grow.
A Mystery developers have recently been rezoned Two-acre plots on 600-614 Maury St. and 601-603 Albany Ave. enable high-density, multipurpose development, and Tom Papa’s at the end of last year. Fountainhead Real Estate Development Spent $ 2 Million In a half-block section of 600-618 Decatur Street, he is considering future development.