Crosland Southeast Unveils $60M M-F Project at Stoneridge

January 25, 2013

Demand for apartments in the Richmond area is strong and getting stronger. And some developers have rushed in to meet this demand. Crosland Southeast announced on January 22 it will start construction on 600 apartments this year, on the site of the former Cloverleaf Mall in Chesterfield. The four-building complex will be built in the Stonebridge development at Midlothian Turnpike and Chippenham Parkway, next to the to the Kroger Marketplace. Crosland Southeast is also the developer of the 83-acre, 400,000-square-foot Stonebridge project. The urban-style apartment complex will cost $60 million according to Virginia Business. It will offer studio and one- and two- bedroom apartments as well as 27,000 square feet of retail space. The Charlotte, North Carolina-based developer expects to have the first units ready for occupancy by mid-2014. Crosland Southeast will team up with Virginia Beach-based Boyd Homes on the project.

By Adrian Maties, Associate Editor

As 2013 gets out of the starting gate, the demand for apartments in the Richmond metropolitan area is showing no signs of a slowdown, and developers are rushing in to meet the need.

Crosland Southeast announced plans Jan. 22 to build a 600-unit complex
on the site of the former Cloverleaf Mall in Chesterfield, Virginia Business reported. The $60 million project will be part of Stonebridge, the 400,000-square-foot mixed-use development Crosland Southeast is developing on an 83-acre site at Midlothian Turnpike and Chippenham Parkway next to the Kroger marketplace.

The urban-style complex will offer studio, one-bedroom and two-bedroom apartments, plus 27,000 square feet of retail space. Charlotte, N.C.-based Crosland, which is teaming up with Boyd Homes of Virginia Beach, expects to have the first units ready for occupancy by mid-2014.

Multi-family developers plan adaptive-reuse projects for several other vintage properties. Richmond BizSense reported that the former Seaboard Bag Co. factory at Moore and Belleville Streets is in line for a $10 million makeover. The developer, Jerry Peters, wants to transform the property into a 94-unit complex dubbed Monroe Street Apartments.

Peters’ plan calls for 79 one-bedroom and 15 two-bedroom apartments in the one-story, 81,000-square-foot building. Walter Parks is the architect and Monument Companies L.L.C.’s construction affiliate will serve as general contractor.

Also in the works is the redevelopment of the 84-year-old Central National Bank building at 219 East Broad St., which has been vacant for nearly 10 years. Douglas Development Corp. wants to turn the vacant 240,000-square-foot tower into a 200-unit residential property. The Washington, D.C.-based developer, which bought the property for $5.3 million in 2005, plans to start work this year. Although details are incomplete, Douglas expects to invest about $20 million in the project.

Rendering of Stonebridge courtesy of Crosland Southeast.