Dominion Realty Partners Enters the Charlottesville Market
DRP's newest development, Fifth Street Place, will be the newest apartment community in Charlottesville, Va., marking the company's first project in the market.
Richmond, Va.—Dominion Realty Partners is expanding its presence in Virginia with its newest development, Fifth Street Place, that it’s building in Charlottesville. The company, which has a long history in the Richmond market, has just closed on the development site for a 200-unit Class A apartment community, marking its first apartment project in Charlottesville.
“Charlottesville is a market that we have been pursuing for quite some time, but finding the right opportunity is obviously key,” Michael Campbell, principal at DRP, told MHN. “The multifamily fundamentals are strong with significant barriers to entry in terms of zoning and entitlements.”
Located at the intersection of Interstate 64 and 5th Street, Fifth Street Place will include five apartment buildings with one- and two-bedroom units. The average unit size will be 939 square feet with features such as 9-foot ceilings, ENERGY STAR appliances, balconies or patios and walk-in closets. Community amenities will include a clubhouse with Wi-Fi, fitness center, coffee bar, business center and a large swimming pool with a grilling area. The community will also have green and sustainability concepts, which DRP includes in all of its developments, and will obtain a green designation from the National Association of Home Builders.
“All of our developments since 2008 have achieved a green designation,” Campbell explained. “We have achieved Gold and are pursuing a Platinum currently on our office developments, and achieved NAHB and Green Globes designations on our multifamily projects. It’s the right thing to do but is also an attractive feature for residents and office tenants.”
Residents will also be close to Red Light Management’s new 465,000-square-foot retail center, Fifth Street Station, which is anchored by Wegmans Food Market and includes businesses like Field & Stream, Panera Bread, Dick’s Sporting Goods, Red Mango and A.C. Moore, according to NBC29.com. The shopping center is expected to open in summer 2016. The Downtown Mall and the University of Virginia are also easily accessible from the company.
Citizens Bank of Charlotte, N.C., is providing the financing for the project. Rule Joy Trammell & Rubio is designing the project and VCC will be the general contractor overseeing construction. The first units are scheduled for completion in spring 2017.
Michael Campbell, a principal with DRP, told the Virginia Business Journal that he believes the apartments will appeal to “young professionals, graduate students, people who work at the university and others.”
DRP’s Richmond developments include Riverside on the James, Vistas on the James, Residences at the John Marshall Hotel and Manchester Place. The company has been particularly active recently, developing more than $260 million worth of new projects in North Carolina and Virginia in the past two years. Campbell said the company is pursuing projects in markets that are within a three-hour drive of the company’s core offices in Richmond, Raleigh and Charlotte, N.C., and Fifth Street Station marks a continuation of the company’s expansion in 2016.