NYC Firm to Break Ground on Downtown Richmond Project

Goodstein obtained the permits to start construction soon on a 53-unit development in the city’s CBD.
Centennial Terrace. Image courtesy of Goodstein Development Corp.
Centennial Terrace. Image courtesy of Goodstein Development Corp.

Goodstein Development Corp. intends to start work this spring on Centennial Terrace, a six-story mid-rise in downtown Richmond, Va. The 53-unit luxury community is set to be completed next year. Walter Parks Architects is the designer of the project, Branch Builds is the general contractor and Potomac Business Services is handling financing. Dodson Property Management is in charge of property management.

Centennial Terrace will be built on an empty lot spanning from 507 to 519 E. Main St. in the city’s central business district. Stops on Richmond’s Pulse Bus Rapid Transit system will be only three blocks north of the 47,833-square-foot development. Plans call for a mix of studios, one- and two-bedroom units, ranging between 468 and 1,022 square feet. The project also includes a 2,152-square-foot first-floor commercial space.

Centennial Terrace is set to be a smart building, with automated access control from residents’ smartphones, high-speed internet, virtual concierge and electronic package lockers. Community amenities are slated to include a rooftop terrace, a gym, a social club and 23 parking spaces. Rents are expected to start at $1,146.

Goodstein has been active in Richmond for the past 19 years. Recently, the developer completed the renovation of an adjacent building that features 24 units and two ground-floor restaurants. Despite overbuilding fears across some submarkets over the past few years, long-term fundamentals in Richmond are still solid, according to the latest Yardi Matrix report.