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Jan. 25, 2013

Crosland Southeast Unveils $60M M-F Project at Stoneridge

By Adrian Maties, Associate Editor

As 2013 gets out of the starting gate, the demand for apartments in the Richmond metropolitan area is showing no signs of a slowdown, and developers are rushing in to meet the need.

Crosland Southeast announced plans Jan. 22 to build a 600-unit complex
on the site of the former Cloverleaf Mall in Chesterfield, Virginia Business reported. The $60 million project will be part of Stonebridge, the 400,000-square-foot mixed-use development Crosland Southeast is developing on an 83-acre site at Midlothian Turnpike and Chippenham Parkway next to the Kroger marketplace.

The urban-style complex will offer studio, one-bedroom and two-bedroom apartments, plus 27,000 square feet of retail space. Charlotte, N.C.-based Crosland, which is teaming up with Boyd Homes of Virginia Beach, expects to have the first units ready for occupancy by mid-2014.

Multi-family developers plan adaptive-reuse projects for several other vintage properties. Richmond BizSense reported that the former Seaboard Bag Co. factory at Moore and Belleville Streets is in line for a $10 million makeover. The developer, Jerry Peters, wants to transform the property into a 94-unit complex dubbed Monroe Street Apartments.

Peters’ plan calls for 79 one-bedroom and 15 two-bedroom apartments in the one-story, 81,000-square-foot building. Walter Parks is the architect and Monument Companies L.L.C.’s construction affiliate will serve as general contractor.

Also in the works is the redevelopment of the 84-year-old Central National Bank building at 219 East Broad St., which has been vacant for nearly 10 years. Douglas Development Corp. wants to turn the vacant 240,000-square-foot tower into a 200-unit residential property. The Washington, D.C.-based developer, which bought the property for $5.3 million in 2005, plans to start work this year. Although details are incomplete, Douglas expects to invest about $20 million in the project.

Rendering of Stonebridge courtesy of Crosland Southeast.

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