Stanley Martin buys Richmond parking lot for $3.9M to develop town homes

Divaris Real Estate handled the sale.

Published March 4, 2020 by Sydney Lake

Reston-based Stanley Martin Cos. LLC has purchased a 1.16-acre parking lot at 1027 N. Lombardy St. in Richmond from Sylvia Place Properties LLC for $3.9 million, Virginia Beach-based Divaris Real Estate Inc. announced Wednesday. 

Read Goode and Cheryle Toy represented Stanley Martin in the transaction. Stanley Martin also has 2.25 acres of adjacent property under contract. The company has filed a special-use permit with the city of Richmond to construct 90 “two-over-two” town homes — a rowhouse divided into two two-story residences — on the land. Timelines for the project have not been released.

Stanley Martin Homes has properties in Henrico and Chesterfield counties, as well as other locations in the state.

The N. Lombardy St. property is located less than a mile from Interstate 95 in Richmond’s historic Carver neighborhood near Virginia Commonwealth University’s Siegel Center.