Mon. Oct 2nd, 2023
Value of admission to purchase part of Movieland assets: $16M

The Bow Tie website is just one of the biggest developable plots of land close to the Scott’s Addition place. (BizSense file)

A team of Washington, D.C.-region builders just acquired them selves a front row seat at the southern edge of the Diamond District.

Level 2 Enhancement, SJG Houses and FCP have procured a portion of the Movieland At Boulevard Square home at 2700 W. Leigh St.

The firms paid $15.5 million for 6 acres of West Leigh-struggling with wooded land owned by Movieland operator Bow Tie Partners. The offer did not consist of the film theater complex or its parking a lot, which will go on to work as common.

An early rendering of the planned 375-device setting up. Courtesy Amount 2

Stage 2 principal David Franco verified the offer Tuesday and reported the group is setting up a 5-tale, 375-device apartment creating for the web site. It’ll be inside of eyeshot of Arthur Ashe Addition, a mixed-use project Amount 2 and SJG are functioning on at 1117-1209 N. Arthur Ashe Blvd.

The deal closed late last 7 days and equates to roughly $2.6 million for each acre. For comparison, Degree 2 and SJG compensated $3.8 million for each acre for the 3.3-acre Arthur Ashe Addition web page final summer season.

The internet site sits just south of The Diamond and the bordering 60 acres that make up the Diamond District, which is the issue of a competitive RFP method fielded by the metropolis.

FCP is a Maryland-dependent private fairness agency with whom Stage 2 has completed deals in the earlier. With FCP managing some of the funding for the challenge, Stage 2 and SJG will target on making out the new apartment developing, which they’re hoping to crack floor on in early 2023.

While Arthur Ashe Addition will contain nearly 30,000 sq. ft of commercial area to go with its 290 flats, Franco said the most recent challenge along West Leigh will be purely residential.

David Franco

“We just really don’t feel that part of Leigh (Avenue) is really significantly of a pedestrian thoroughfare,” Franco claimed. “There’s just no pedestrian linkage in between Scott’s Addition and anyplace down West Leigh. Maybe that’ll modify in 10 or 15 decades.”

Franco explained they’re however figuring out the breakdown of unit sizes and rental rates, even though he mentioned they’ll be comparable to the relaxation of the marketplace.

“One factor that’ll make it unique is the range of unit kinds that we’ll be possessing,” Franco stated. “We’ll have a few-bed room units so there’ll be alternatives for people. There’ll also be townhouse units that are multi-amount units.”

Prepared features for the unnamed venture contain a pool, lounge and health club. The developing will front West Leigh Avenue, and driving it will be 415 surface area parking areas.

“This is a little bit various considering that there won’t be structured parking,” Franco said. “The quantity of region just supports the capability to develop 375 units and accommodate them (without a parking deck).”

A standard contractor has not been chosen for either of Amount 2’s forthcoming projects in Richmond. Poole & Poole Architecture is planning the two.

Franco said they hope to have the architecture of the West Leigh challenge fork out homage to the neighboring Movieland theater that was a historic renovation job of a previous steam motor factory dating back again to 1900.

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