Safe Harbor Title worked closely with the Seller, Purchaser and the Purchaser's legal team to see this transaction through from start to finish. We look forward to watching this new Henrico County community develop!
Read the full article below, click here to view original source
A rendering of HHHunt's planned three-story townhomes 10700 Ridgefield Parkway. (Courtesy HHHunt)
A site in western Henrico previously eyed for a senior living facility will instead be filled with more than five dozen townhomes by HHHunt.
The developer closed Friday on a 7.5-acre property at 10700 Ridgefield Parkway, where it plans to build 66 three-story townhomes. The site is along Ridgefield Green Drive between Ridgefield and John Rolfe parkways, behind a Walgreens pharmacy east of the intersection.
The purchase price was not disclosed nor listed on online property records Friday afternoon.
Jonathan Ridout, development director for HHHunt Communities, said the purchase price is included in its overall cost estimate for the project, $5.2 million. HHHunt Homes, another division of the company, will construct the project, called Ridgefield Green.
HHHunt Communities purchased the land from the Episcopal Diocese of Virginia, which bought it in 2004 for $1.6 million. A county assessment most recently valued the property at $1.13 million.
Ridout said the company picked up the project from another developer that secured zoning approval last year. County records list that developer as Wilkins-Bradley Partners LLC.
The property previously was eyed by Bickford Senior Living for a facility it has since constructed at 11200 W. Huguenot Road in Chesterfield County. The Kansas-based company had proposed a project comparable to the 37,000-square-foot, 60-bed facility in 2015, but withdrew its rezoning request after several deferrals by Henrico’s review boards.
Ridout said the project was appealing to HHHunt as an infill opportunity.
“We traditionally do larger, master-planned communities, but we also have been looking for some of these smaller infill projects. This is just in a great location,” he said.
“You’ve got the John Rolfe YMCA that’s right across the street from it; it’s so close to the other parks, little league fields; it’s got great schools.”
Each unit at Ridgefield Green will be at least 1,540 square feet and include a front-entry one-car garage and customizable interiors. Prices for the units, ranging from two to three bedrooms and 1½ to two bathrooms, will start in the low $300,000s.
The property will include a small park area with tables and open space in the center of the community. A development plan was approved by the county in January, and Ridout said the company is securing construction approvals.
Construction is scheduled to begin this month, with the first units opening by late August or early September.
Known for larger communities such as Wyndham, Wellesley and Twin Hickory in Henrico and Charter Colony in Chesterfield, HHHunt has added several projects to its plate in recent months. On the multifamily side, it’s planning its next wave of townhomes at Rocketts Landing, where construction on an apartment building recently began.
Last month, the company announced plans for a 520-home age-restricted community on 200 acres next to Capital One’s Goochland County campus. It also is planning more than 1,000 homes on 250 acres near Virginia Center Commons, recently selling a portion of that project slated for apartments to Virginia Beach-based Kotarides Builders.
Jonathan Spiers is a senior reporter and assistant editor at BizSense. He covers residential real estate, public companies, and advertising/marketing. He's a graduate of Virginia Tech. He can be reached at Jonathan@richmondbizsense.com and (804) 308-2447.
Safe Harbor Title worked closely with the Seller, Purchaser and the Purchaser's legal team to see this transaction through from start to finish. We look forward to watching this new Henrico County community develop!
Read the full article below, click here to view original source
A site in western Henrico previously eyed for a senior living facility will instead be filled with more than five dozen townhomes by HHHunt.
The developer closed Friday on a 7.5-acre property at 10700 Ridgefield Parkway, where it plans to build 66 three-story townhomes. The site is along Ridgefield Green Drive between Ridgefield and John Rolfe parkways, behind a Walgreens pharmacy east of the intersection.
The purchase price was not disclosed nor listed on online property records Friday afternoon.
Jonathan Ridout, development director for HHHunt Communities, said the purchase price is included in its overall cost estimate for the project, $5.2 million. HHHunt Homes, another division of the company, will construct the project, called Ridgefield Green.
HHHunt Communities purchased the land from the Episcopal Diocese of Virginia, which bought it in 2004 for $1.6 million. A county assessment most recently valued the property at $1.13 million.
Ridout said the company picked up the project from another developer that secured zoning approval last year. County records list that developer as Wilkins-Bradley Partners LLC.
The property previously was eyed by Bickford Senior Living for a facility it has since constructed at 11200 W. Huguenot Road in Chesterfield County. The Kansas-based company had proposed a project comparable to the 37,000-square-foot, 60-bed facility in 2015, but withdrew its rezoning request after several deferrals by Henrico’s review boards.
Ridout said the project was appealing to HHHunt as an infill opportunity.
“We traditionally do larger, master-planned communities, but we also have been looking for some of these smaller infill projects. This is just in a great location,” he said.
“You’ve got the John Rolfe YMCA that’s right across the street from it; it’s so close to the other parks, little league fields; it’s got great schools.”
Each unit at Ridgefield Green will be at least 1,540 square feet and include a front-entry one-car garage and customizable interiors. Prices for the units, ranging from two to three bedrooms and 1½ to two bathrooms, will start in the low $300,000s.
The property will include a small park area with tables and open space in the center of the community. A development plan was approved by the county in January, and Ridout said the company is securing construction approvals.
Construction is scheduled to begin this month, with the first units opening by late August or early September.
Known for larger communities such as Wyndham, Wellesley and Twin Hickory in Henrico and Charter Colony in Chesterfield, HHHunt has added several projects to its plate in recent months. On the multifamily side, it’s planning its next wave of townhomes at Rocketts Landing, where construction on an apartment building recently began.
Last month, the company announced plans for a 520-home age-restricted community on 200 acres next to Capital One’s Goochland County campus. It also is planning more than 1,000 homes on 250 acres near Virginia Center Commons, recently selling a portion of that project slated for apartments to Virginia Beach-based Kotarides Builders.
Jonathan Spiers is a senior reporter and assistant editor at BizSense. He covers residential real estate, public companies, and advertising/marketing. He's a graduate of Virginia Tech. He can be reached at Jonathan@richmondbizsense.com and (804) 308-2447.
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