Dominion Realty Partners will develop new apartment project in Charlottesville
Dominion Realty Partners said Tuesday that it has closed on a development site for a multifamily project in Charlottesville. The Richmond-based company did not disclose the price for the land.
Dominion Realty plans to build Fifth Street Place Apartments, a community of 200 apartments that will be located at the intersection of Interstate 64 and Fifth Street. The project is adjacent to Red Light Management’s new 465,000-square-foot retail center, Fifth Street Station, which is anchored by Wegmans Food Market.
“The Wegmans will open up the whole Fifth Street Corridor. We will have great access to downtown, the university of Virginia and other areas near 64,” said Michael Campbell, a principal with the company.
In terms of the demographics, Campbell said he thought the apartments would appeal to young professionals, graduate students, people who work at the university and others, given the nature of the location and the market.
According to Dominion Realty, the apartments will offer Wi-Fi access, a fitness center, coffee bar, business center, swimming pool and grilling area.
This will be the first apartment development in Charlottesville for Dominion Realty, which has a long history in the Richmond market with projects including Riverside on the James, Vistas on the James, Residences at the John Marshall Hotel and Manchester Place.
Citizens Bank of Charlotte, N.C., will provide financing for the project. Rule Joy Trammell & Rubio, an Atlanta-based architecture and interior design firm, designed the complex. VCC will serve as the general contractor. The first units are expected to be ready by spring 2017.