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05/04/2012 - RICHMOND TIMES DISPATCH: NEW APARTMENT DEVELOPMENT

New Apartment Development Draws on Gayton Road Extension

 

The developer of Towne Center West in the Short Pump area of Henrico County is planning another major residential development nearby that will make use of the Gayton Road extension.

The Breeden Co., a Virginia Beach-based developer, is gearing up for a $70 million, 420-unit apartment complex on 30 acres north of Interstate 64 near Short Pump Town Center.

The development will be off Bacova Drive, said C. Torrey Breeden, executive vice president of the Breeden Co.

"We'll start construction in late summer or early fall," Breeden said. The company hopes to have some apartments leased by August 2013, but it will take 24 to 30 months before the project is fully completed.

A critical part of the project is the completion of the North Gayton extension, which will include an overpass crossing I-64.

"It is what makes the whole development work," Breeden said. "It is leading to growth in that whole Short Pump Town Center area."

The North Gayton extension will be finished this summer. Timothy A. Foster, Henrico County deputy county manager for community operations, said the county expects the $48 million road project to be open to traffic in July, though the opening date depends on the effect of weather on construction.

The project, including widening of some existing roads, stretches 2.1 miles and connects West Broad Street to Shady Grove Road, leading to Nuckols Road.

Foster said the Gayton Road extension will dramatically relieve congestion at Pouncey Tract Road and West Broad Street.

"Pouncey Tract north of Broad Street carries about 18,000 to 20,000 vehicles a day," he said. "We expect that to be halved the day we open the new road."

Foster noted that I-64 has the same effect on western Henrico traffic as a river, able to be crossed only where there is a bridge. Only two such crossings are available in that part of the county. "This gives us a third crossing," he said. "It gives us an alternate way to get to West Broad and (state) Route 288."

Breeden Co. also developed Towne Center West, a mixed-use project in Short Pump that includes 400 apartments, a Hilton Hotel and about 50,000 square feet of retail store space.

"It is what has led to this (new) development," Breeden said.

The new development will be a gated community of 17 buildings with one-, two- and three-bedroom units, some with attached garages. It also will have a clubhouse, pool and fitness center. Rents will range from $1,000 to $1,400 per unit, Breeden said.

The project will include "pocket parks" close to the residences, a splash pool for children and a fishing stream.

"We think it is the amenities that help set us apart," Breeden said. "We have designed it to draw people outside of their homes and into areas where they can meet."

http://www2.timesdispatch.com/business/2012/may/03/tdmain01-new-apartment-development-draws-on-gayton-ar-1886877/