A plan for nearly 200 more apartments in Manchester took another step forward last week with the closing of the neighborhood’s latest land deal.
Washington, DC-based Capital City Real Estate has purchased a pair of surface lots at 15 W. 7th St., where it plans a 173-unit mixed-use building that it calls Manchester Commodore.
The company paid $ 1.73 million for the 1 acre assembly bounded by Hull, Bainbridge and West Seventh streets.
She bought the land from local developer Jeremy Connell, who had owned it since 2011. The deal was closed on October 22. The city recently valued the land at $ 1.5 million. Connell has projects underway elsewhere in town, including one along Tobacco Row.
Capital City filed plans for the Commodore in the spring, marking its entry into the Richmond market. The company’s portfolio includes seven other multi-family projects, all located in DC, Maryland or Atlanta.
With Manchester land now secure, Chris Love, director of Capital City, said they were looking to get construction started as soon as possible.
âWe’re going to innovate in November,â Love said.
The Commodore will reach five storeys and include two-level underground parking. On the main floor will be a 3,500 square foot commercial space. Love said it was too early to say what type of commercial tenant they would like.
He said they expect the first Commodore units to be completed in late summer 2023. In the meantime, Capital City has its eye on other possible projects in the region.
âWe are very bullish on the Richmond market,â Love said. “We are actively exploring other opportunities in Richmond at this time.”
The Commodore is one of many new apartment buildings planned for Manchester, including two new projects from local developers.
Thalhimer Realty Partners recently filed plans for an eight-story, 271-unit building on land at 423 Hull Street, and across the street, Fountainhead Real Estate Development and WVS Cos. plan to redevelop part of the Plant Zero complex. in over 200 apartments and townhouses.
Further south, closer to the river, South Carolina-based The Beach Co. recently opened a 230-unit, six-story mixed-use project at 700 Semmes Avenue.