VirginiaBusiness.com: 420-unit apartment project planned for Short Pump
Another major apartment project is coming to the Short Pump area of Henrico County. The Virginia-Beach based Breeden Co. plans to begin construction this summer on a $70 million, 420-unit complex on 30 acres on the north side of Interstate 64 from Short Pump Town Center.
Torrey Breeden, executive vice president of development for Breeden, said the company bought the land for $8.7 million earlier this year and has received rezoning for the project from the county. Now it’s waiting on final approval of a development plan. “We hope to break ground by early summer or late fall,” Breeden said. He expects a two-year build out.
The site is located near Gayton Road, which is getting a flyover from Broad Street at Interstate 64 to Keene Road. “That will open up that end of the county for future development,” Breeden said.
The project, to be called Marshall Mews, will be done with conventional financing from Fannie Mae and Freddie Mac, he added, government-sponsored entities that have been active in the multifamily market.
Some of the one-, two- and three-bedroom units will offer attached garages. Altogether, there will be 17 buildings in a gated community with a clubhouse, pool and fitness center. Breeden said rents will range from $1,000 to $1,400 per unit, depending on size. One feature he thinks will make the project different from other communities is a focus on outdoor socializing. “We take our cues from the hospitality industry,” in terms of drawing people outside to mix and mingle, said Breeden. “We’ll have little pocket parks throughout the community and an outdoor viewing area where people can do a movie night.”
The Breeden Co. is no stranger to the Short Pump area. It developed Towne Center West, a mixed-use project that includes about 400 apartments, a Hilton Hotel and retailers including Ethan Allan furniture.While those apartments aren’t fully leased, Breeden said, “We’ve seen a lot of growth and new people coming in the last six months. … This area is where the new growth in the county is.”
Breeden Construction will serve as the general contractor on the project.