Thalhimer Begins Next Phase of Richmond Adaptive Reuse Project
- Jun 13, 2018
Thalhimer Realty Partners has broken ground on City View Marketplace, a $25 million mixed-use project slated to incorporate retail, restaurant and multifamily space. The five buildings comprising City View Marketplace represent Thalhimer’s third phase of the City View Landing master-planned development.
Dubbed Flats at City View, the multifamily component, will comprise 161 units, with a mix of one-, two- and three-bedroom floorplans. Residents will have access to covered parking and 13,270 square feet of commercial space. Common-area amenities will include a saltwater pool, a fitness center, outdoor courtyard with grill area and fire pits, business center and a community lounge.
The property is situated in Richmond’s Manchester neighborhood, near the southern bank of the James River, at West Sixth and Hull streets. City View Landing is near multiple points of interest, including the Richmond CBD just across the river. Several restaurants and retailers are nearby. The area also provides immediate access to downtown, via Hull and Ninth streets, public transportation or bike lanes.
“The number of apartment buildings in Manchester has doubled in the past 10 years, with 1,305 apartment units added in the last five years alone. The average rental rate in the area has increased to $975 per month and occupancy is above 95 percent. All of this population growth has led to a demand for retail services in the immediate area that don’t exist right now,” said Drew Wiltshire, managing principal at Thalhimer Realty Partners, in a prepared statement.
Thalhimer Realty Partners, which is the investment and development subsidiary of Cushman & Wakefield | Thalhimer, acquired an 18-acre site from Reynolds Metals Co. in 2013 for just under $10 million. The company spent approximately $2.5 million, in collaboration with the City of Richmond, contributing toward the infrastructure improvements on the seven-plus city blocks which comprise the entire City View Landing project.
Work began in 2014, with 3north tapped as architect, Purcell Construction as general contractor and Union Bank providing financing for the adaptive reuse. The first phase, a $35 million investment, was named City View Lofts and comprises 219 units, as well as 20,000 square feet of office space.
Last year, Thalhimer Realty Partners sold a 1.8-acre parcel to Guy Blundon and Mark Purcell for the construction of a 10-story residential tower, River’s Edge at Manchester, comprising 213 one- and two-bedroom units.
Cushman & Wakefield | Thalhimer’s Residential Property Services group handles property management and leasing operations for the entire City View Landing development. Thalhimer Realty Partners is currently one of the top multifamily owners in the Richmond metro, with 5,001 units in its portfolio.
“Between the 10-story River’s Edge tower being completed and the existing adaptive reuse product of City View Lofts, we feel like the overall design and product mix of this phase compliments the rest of the City View development nicely. We’ll be able to offer a wider range of unit types at varying prices to attract a diverse group of residents,” said Matt Raggi, principal at Thalhimer Realty Partners, in prepared remarks.
Image courtesy of Thalhimer Realty Partners