Central Virginia tract fetches $3.6 million
A homebuilder plans to develop a residential community on 70 acres in Chesterfield County, close to 26 acres that are under contract for commercial development.
HHHunt Communities bought on March 6 for $3.675 million around 70 acres off Hull Street Road at Lonas Parkway in Chesterfield County, John Ridout, vice president of land development at HHHunt Communities, says.
Ridout says plans for now call for 320 townhouses and 120 condominiums to be developed as a community called Wescott. Depending on the weather, he says the units will go on sale either at the end of this year or early next year with prices starting somewhere in the $200,000 range.
Ridout says the townhouses will range from around 1,200 to 2,000 square feet. Some will have garages. The condos will range from 1,000 to 1,400 square feet and be built in four-story buildings that have elevators.
Ridout says HHHunt anticipates receiving approval for its plans next month. Also in Chesterfield, HHHunt Communities is opening in several weeks an apartment community called Abberly at Centerpoint, Ridout says.
David M. Smith of Cushman & Wakefield | Thalhimer represented the seller, 360 Capital Partnership LLC, in the deal. Smith says the firm began marketing the property for a residential development in mid-2016.
Smith says the HHHunt property is part of a larger master planned mixed-use development that includes the already-built Addison at Swift Creek Apartments at the end of Lonas Parkway. He says Weinstein Properties owns the apartment community.
The development includes Bridgewood Crossing, which is being developed byThe Rebkee Co. Rebkee developed the first phase of commercial development at the site, which included a Dash In convenience store and Aldi grocery store.
Rebkee is under contract to purchase 26 acres that front Hull Street Road for the second phase of the development, Smith says. He says Rebkee is in talks with multiple users, including a hotel developer.