Another mixed-use conversion planned for Scott’s Addition!

With rents rising apace, a local nonprofit hopes to bring affordable housing to Richmond’s hottest neighborhood: Scott’s Addition!

Better Housing

The Better Housing Coalition last week bought the Quality Inn & Suites building at 3200 W. Broad St. in Scott’s Addition for $5.9 million. The nonprofit’s plans call for a $30 million conversion of the property into a mixed-income, mixed-use property in Scott’s Addition.

Upon completion, the development would be BHC’s largest single investment in the city in the nonprofit’s 28-year history, according to a release announcing the plans. Construction is expected to begin summer 2017.

Over the next nine months to a year, we look forward to working with the city, the community and our investment partners to make this development in this strategic community of opportunity come alive,” Greta Harris, BHC’s president and CEO, said in the release. Read the rest of the story, here!

Better Home Coalition Better Housing Coalition is driven by respect for residents, sustaining the environment and preserving neighborhood character. Their portfolio includes 16 residential communities – 8 for lower-income seniors – as well as 180 single-family homes for low- to moderate-income first-time buyers. Founded in 1988 by Richmond-area civic leaders Mary Tyler McClenahan and Carter McDowell, the Better Housing Coalition combines long-term solutions in affordable housing with ongoing support services for residents.  They help seniors age in place, help children aspire to higher education, and help adults gain self-sufficiency. As a leader in community revitalization, their award-winning organization works with residents, local governments and agencies, other non-profits and the philanthropic community to create lasting change for the better.

 

 

Demo in Scott’s Addition wraps up this week

From Richmond BizSense, “City readies land for Boulevard redevelopment” by Jonathan Spiers

Diamond Demo, in Scott's Addition

As interested developers prepare their proposals, the site of a planned redevelopment along the Boulevard is becoming a cleaner slate.

Demolition of 22 city-owned buildings and miscellaneous structures around The Diamond is wrapping up, on parts of the 60-acre site where the City of Richmond is planning a massive mixed-use development.

The buildings made up the Parker Field Operations Center for the City of Richmond’s public works department. Those facilities have been relocated to the Commerce Road corridor across the river in Manchester, where 300 city jobs were moved with them. Several structures in the area of the Parker Field Annex, across Robin Hood Road from the Arthur Ashe Jr. Athletic Center, were also taken down.

The work also includes hazardous materials abatement, conducted over two phases along with the demolition. S.B. Cox completed the first phase, on a contract totaling $943,000. RJ Smith is completing the second phase on a contract upwards of $1.19 million. The work is making way for a mixed-use development that would replace The Diamond with as many as 4,000 housing units, 500,000 square feet of retail and entertainment space, 375,000 square feet of office or flex space, and a hotel totaling as many as 250 rooms.

Those numbers were listed in a market analysis as the highest and best use for the city-owned site, which includes The Diamond, the adjacent Arthur Ashe center and other city-controlled properties that make up the 60-acre site.

The project would not affect the VCU-owned Sports Backers Stadium, which is located within the area slated for redevelopment. The Arthur Ashe center could be relocated for the project, and plans are in the works to relocate The Diamond in the vicinity of the Boulevard, with the site of the nearby ABC distribution center considered a possible option. Read the rest of the story, here.

 

New Construction in Scott’s Addition: Mixed-Use Three-Building Construction starts in April

Scott’s Addition Boulevard Association continues its hot streak with another intersection’s revival through mixed-use real estate. The former Symbol Mattress Company facility that is located at 1814 Highpoint Avenue (at the northwest corner of Highpoint Avenue and Rockbridge Street) will be demolished as part of the new construction. The project will sit on an L-shaped 3.25-acre parcel that stretches along MacTavish Avenue from Rockbridge Street to the train tracks north of Scott’s Addition.

This three-building development is being headed by Richmond-based Spy Rock Development and joined by Washington-based The Holladay Corp. At the end of the project, there will be three new buildings as part of a mixed-use development in the heart of Scott’s Addition. It will include two buildings housing 200 apartments and about 55,000 square feet of commercial space. The first residents should move into the apartments in spring 2017. The two apartment buildings will offer one- and two-bedroom units with full, upscale features and on-site amenities of nearly half an acre of green space, a pool, fitness facilities, club room, a rooftop deck and 293 parking spaces.

At one point, Basham was quoted at including a walking path as part of their development, “It is part of what I think needs to be a broader approach by the city to get bike trails and provide active spaces,” Basham said. That green space still seems to be part of the plan as the developers will work with the city on the first phase of a walking-biking trail that is planned for the area. “There is great momentum in the neighborhood right now,” Basham recently said.

The first floor of the Symbol office building will be for a restaurant. The second floor will be for offices and Dominion Payroll Services will invest in and occupy the entire third floor. David Gallagher, CEO of Dominion Payroll Services, said he believes the project will be a good place for the full-service payroll provider’s needs now and in the future. “This investment allows us to invest further in the growth of our business,” he said. Besides, Gallagher said, “Scott’s Addition is a hip place to work, live, eat and socialize. There is a great demand for apartments in the neighborhood,” Gallagher said about Scott’s Addition. “I believe the neighborhood is just scratching the surface in terms of commercial projects.”

Scott’s Addition — an area bound on the east by the Boulevard, the south by West Broad Street, the west by Interstate 195 and the north by railroad tracks — has benefited from millions of dollars in private investments in the past couple of years. Once an industrial district made up primarily of older warehouse properties, Scott’s Addition now has a growing list of offices, apartments, breweries, restaurants and gathering spots.

The project’s architect is Richmond-based ADO. Financing has been provided by Park Sterling and Xenith Bank. Spy Rock (Andrew Basham and Taylor Williams) is leading the project and is also behind the 194-unit Preserve at Scott’s Addition development in the former Coca-Cola bottling plant. Spy Rock Real Estate Group is also a minority investor in a portfolio of 23 apartment buildings in Richmond’s Fan and Museum districts that was bought last year.

Scott’s Addition’s momentum now includes corner of West Marshall St. & High Point Ave.

Richmond’s BizSense, by MICHAEL SCHWARTZ. Another chunk of Richmond’s hottest neighborhood has caught the eye of local developers.

Three aging office buildings in Scott’s Addition were acquired last week by a group that has plans to gut and redevelop one of the properties in the near-term and potentially bring new construction to the remaining two sites over time.

West Marshall Street in Scott's Addition

The group, led by Yogi Singh, formerly of local real estate investment firm Capital Square 1031, paid around $2.5 million for 3122, 3113 and 3015 W. Marshall St., a cluster of two-story office buildings built in the 60s and 70s. The deals closed Sept. 1 and included adjacent parking lots. They also bought 3115 Clay St., but immediately sold it to another party, Singh said.

The remaining three properties total nearly 40,000 square feet and Singh said they’ll focus initially on the largest of the bunch – the 16,000-square-foot building at the corner of West Marshall Street and High Point Avenue.

Singh said they plan to convert the two story shell into modern office space with suites ranging from 1,500 square feet up to 8,000. Read the rest of the article, here.

Scott’s Addition’s Still Going Strong

From Richmond’s BizSense‘s “CRE Rehash: A year’s worth of deals and developments”

Scott’s Addition’s momentum carried over into 2016, with investors pouring in for prime parcels and existing buildings.

Happy 2017 Scott's Addition

Developers Louis Salomonsky and David White solidified plans this year for two six-story residential towers that will take shape on the western edge of the fast-developing district, dubbed Scott’s View.

One of the neighborhood’s most eye-catching structures – the HandCraft building at 1501 Roseneath Road – hit a hot streak of tenant deals during the year, signing on a local electric car charger startup (EvaTran), a fledgling brewery (Vasen) and other tenants.

A group led by Yogi Singh paid around $2.5 million for 3122, 3113 and 3015 W. Marshall St., a cluster of two-story office buildings built in the ’60s and ’70s. They also bought 3115 Clay St. Those properties will look to fill demand for modern office space in the industrial neighborhood.

Local coworking brand Gather opened a location in Scott’s Addition – its second in the city – in 17,000 square feet at 2920 W. Broad St.

Demand for office also drove Roseleigh Partners LLC to pay $3.46 million for 1408 Roseneath Road, a property that’s home to three buildings totaling about 50,000 square feet on 1.8 acres.

The Better Housing Coalition jumped into Scott’s Addition by paying $5.9 million for the Quality Inn & Suites building at 3200 W. Broad St. Its plans for the building include mixed-income apartments and commercial space.

The neighborhood’s momentum, along with the GRTC Pulse rapid bus system in early stages of construction along Broad, has the city considering changes to zoning rules that would ease the path for certain types of projects, such as multifamily residential and pedestrian-oriented commercial uses such as breweries, retail, office and restaurants and potentially allow taller building heights – 12 stories maximum – and no parking requirements. That’s an issue that will continue to play out in 2017.

Read the rest of the story, here.

Thalhimer Realty Partners developing in Scott’s Addition

Thalhimer Realty Partners‘ new project, in Scott’s Addition, has hit a new wrinkle, according to MICHAEL THOMPSON, of Richmond BizSense.

As it works to complete its redevelopment of one of the largest projects in Manchester, a local real estate firm is pressing further into another sought-after neighborhood.

Thalhimer Realty Partners, the development arm of local real estate firm Cushman & Wakefield | Thalhimer, has purchased 1500 Roseneath Road, a 106,000-square-foot property that covers nearly an entire city block in Scott’s Addition.

The company paid $4.12 million for the property in a deal that closed March 11. The seller was P&P Enterprises, the parent company of commercial laundry company Carolina Linen, which has operated out of the site and purchased it several years ago for $2.77 million. A 45-space parking lot at the corner of West Leigh Street and Roseneath Road was also part of the deal. Read the rest of the article, here.

Thalhimer Realty Partners have two other projects that they are working on: Courtyard Lofts (3200 W. Clay Street) and Osprey Lofts (3210 W. Leigh Street).

Why JOIN Scott’s Addition Boulevard Association?

Scott’s Addition is a thriving, growing neighborhood

Scott’s Addition is the City of Richmond’s fastest growing neighborhood, home of an eclectic mix of apartments, homes, restaurants, breweries, shops and more tucked away in the northwest corner of West Broad Street and North Boulevard. With over 1,000 new residential units and a growing number of amenities, the neighborhood is quickly becoming one of the most sought over areas in the region.

pumpkin-fest-scotts

  • Convenient access to Interstates 64, 95, 195 and Powhite Parkway
  • Historic designation since 2005 (see below)
  • Enterprise Zone incentives
  • Affordable commercial real estate rentals
  • Attractive commercial real estate opportunities
  • Revitalization lead by neighborhood business owners
  • Since 2005, Scott’s Addition has become a hot place to live, work, and play
  • Developers have helped revitalize the neighborhood by updating and transforming warehouse space to residential real estate.

Become a member (Business $150, Resident $25), and:

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