Edge Development Eyes Southside Richmond Site for Residential Project
- Sep 15, 2014
More apartments and single-family homes are coming to Richmond. Edge Development Partners plans to turn an underutilized 55-acre site, located at 6508 Jahnke Road and known as the Bliley Property, into 377 new residences.
On Sept. 2, the Richmond Planning Commission approved the rezoning of about 55 acres. The ordinance,went before the Richmond City Council on Sept. 8. The council proposed amendments and scheduled another meeting for Monday, October 13.
Edge Development is under contract to purchase the land. Its proposed residential community will have two components. On the southern side of the property, the developer plans to construct 12 three-story multi-family dwellings, with a total of 252 one-, two- and three-bedroom units.
The multi-family component also includes a clubhouse, to be used by residents for recreational activities. Meanwhile, the single-family component calls for the construction of 125 craftsman-style homes on the northern part of the property.
According to Richmond BizSense, the Breeden Co. of Virginia Beach is under contract to buy the land from Edge Development Partners and will develop the multi-family portion of the project. The 252 units are expected to rent for between $900 and $1,300 per month.
Richmond BizSense also reports that Edge hasn’t selected any builders for the single-family portion of the project. However, the homes are expected to fetch prices ranging from the $200,000s to around $400,000.
On its rezoning application, the developer said it expects the new residential community to attract both young professionals and empty-nesters. The new residents will also support businesses along Jahnke Road and attract new investments in the area, Edge Development predicted.
Photo credit: City of Richmond