Another proposed progression in the Westwood community of Henrico is back on the market.
Margaret Freund’s Fulton Hill Properties has put the 2. 8-acre parcel at Thalbro and Westmoreland streets up for sale, where it plans a seven-story mixed-use project.
Included on the list, which has a starting value of $8. 5 million, is the county-approved provisional use permit.
Fulton Hill submitted plans for 268-unit mixed-use construction in 2022 and obtained PUP approval last September. In addition to the apartments, the progression would also include a courtyard, a swimming pool, a parking lot with 317 spaces and 3500 square meters of advertising space.
The list of unaddressed parcels was posted online in early spring. Christopher Chadwick, Josh Feldman, and Ian Ruel of Feldman Ruel Urban Property Advisors have the list.
Chadwick said Freund hadn’t given up on going ahead with the project, but he still tested the market after a potential source of public investment failed.
“(Freund) asked if I would be willing to sell or not and I suggested, ‘Why not check the market?'” Chadwick said, adding that they hoped to get final approval of Henrico’s permit in the coming months. It’s a smart project. He would end it if the deal didn’t come.
Today, the land is a grassy domain that was once part of the nearby UTurn sports complex. UTurn sold the land to Fulton Hill for $1. 8 million in 2022.
The proposed development, designed through Poole.
Fulton Hill’s is the second recent directory in the Westwood domain to include approved plans and rights. A 6-acre lot at 4400 W. Broad St. returned to the market this winter after two other potential developers bought the land and built a 340-unit building. complex.
Feldman Ruel is founded in the Washington D. C. area, and Chadwick said such listings are more often tailored to the state and surrounding spaces, as high interest rates have made it difficult for developers to finance new construction.
“We’re seeing this across the region (DC-Virginia-Maryland). The truth is that promoters have to come to the final table with a lot more money than initially expected due to the debt markets and their situation. “Chadwick said.
“Development deals don’t happen overnight, so waiting for adjustments in the market is something developers want to be able to do, but I don’t think anyone is prepared for some of the rate swings we’ve seen in the last few years. “
Other planned developments for the Westwood domain that have yet to get underway include a mixed-use redevelopment of Ukrop’s Homestyle Food complex and a 241-unit apartment construction on Jacque Street near Topgolf. Also nearby, the owner of Willow Lawn is a transformation of the mall into a more urban setting.
However, it’s not all easy, as some local developers are busy working in the area. Spy Rock Real Estate Group is underway on a five-story construction on Dabney Road, and Kinsale Capital Group and Marchetti Development are renovating an aging Anthem. in 2015 Staples Mill Road as part of its main progression “Kinsale Center” at the corner of Staples Mill and West Broad.
Another proposed progression in the Westwood community of Henrico is back on the market.
Margaret Freund’s Fulton Hill Properties has put the 2. 8-acre parcel at Thalbro and Westmoreland streets up for sale, where it plans a seven-story mixed-use project.
Included on the list, which has a starting value of $8. 5 million, is the county-approved provisional use permit.
Fulton Hill submitted plans for 268-unit mixed-use construction in 2022 and obtained PUP approval last September. In addition to the apartments, the progression would also include a courtyard, a swimming pool, a parking lot with 317 spaces and 3500 square meters of advertising space.
The list of unaddressed parcels was posted online in early spring. Christopher Chadwick, Josh Feldman, and Ian Ruel of Feldman Ruel Urban Property Advisors have the list.
Chadwick said Freund hadn’t given up on going ahead with the project, but he still tested the market after a potential source of public investment failed.
“(Freund) asked if I would be willing to sell or not and I suggested, ‘Why not check the market?'” Chadwick said, adding that they hoped to get final approval of Henrico’s permit in the coming months. It’s a smart project. He would end it if the deal didn’t come.
Today, the land is a grassy domain that was once part of the nearby UTurn sports complex. UTurn sold the land to Fulton Hill for $1. 8 million in 2022.
The proposed development, designed through Poole.
Fulton Hill’s is the second recent directory in the Westwood domain to include approved plans and rights. A 6-acre lot at 4400 W. Broad St. returned to the market this winter after two other potential developers bought the land and built a 340-unit building. complex.
Feldman Ruel is founded in the Washington D. C. area, and Chadwick said such listings are more often tailored to the state and surrounding spaces, as high interest rates have made it difficult for developers to finance new construction.
“We’re seeing this across the region (DC-Virginia-Maryland). The truth is that promoters have to come to the final table with a lot more money than initially expected due to the debt markets and their situation. “Chadwick said.
“Development deals don’t come to fruition overnight, so expecting adjustments in the market is something developers want to be able to do, but I don’t think anyone is prepared for some of the rate swings we’ve noticed over the past few years. . years. “
Other planned developments for the Westwood domain that have yet to get underway include a mixed-use redevelopment of Ukrop’s Homestyle Food complex and a 241-unit apartment construction on Jacque Street near Topgolf. Also nearby, the owner of Willow Lawn is a transformation of the mall into a more urban setting.
However, it’s not all easy, as some local developers are busy working in the area. Spy Rock Real Estate Group is underway on a five-story construction on Dabney Road, and Kinsale Capital Group and Marchetti Development are renovating an aging Anthem. in 2015 Staples Mill Road as part of its main progression “Kinsale Center” at the corner of Staples Mill and West Broad.
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Mike Platania joined BizSense in December 2016. Me a commission for real estate, restaurants, and breweries. He is a graduate of Virginia Tech. Contact him at [email protected] or (804) 554-6872.
I hope this plan works as it is a smart use of land that has been well maintained lately. It would also require Henrico to take care of the poorly constructed intersection of Westmoreland and Thalboro.
Today, any development project involving the structure of a parking lot, especially if it has floors, is value-sensitive. As Chadwick says, high interest rates are a complicated detail that has contributed to the peak cost of land, materials, and labor. He can probably finance this transaction for his $1. 8 million worth of land, but Chadwick has his hands full at $8. 5 million. Let’s see how he does it. He has his paintings cut for him. There’s a factor in which it will sell.
Margaret Freund is a shrewd investor, but I doubt anyone would be willing to pay $8. 5 million for a piece of land she bought for $1. 8 million two years ago.
A piece of land that he bought and then received and drew up architectural plans. It’s a ready-to-start task and it has value.
What “state funding” that Fulton is going to use failed?Interestingly, this is overlooked in the article.
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