Advertisement

Header Utility Menu

  • Subscribe
  • Advertise
  • Contact Us
  • Events

LinkedIn Facebook Twitter Instagram Get Our App

Virginia Business

Mobile Menu

  • Issues
  • Industries
    • Banking/Finances
    • Business Law
    • Commercial Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • Coronavirus 2020
    • Fantastic 50
    • Generous Virginians Project
    • Legal Elite
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards
    • Vote Now for Women in Leadership
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read the issue
    • Order a copy
    • Buy an award plaque
    • Nominate execs for 2021

Advertisement

Header Primary Menu

  • Issues
    • April 2021
    • March 2021
    • February 2021
    • January 2021
    • December 2020
    • Issues Archive
  • Industries
    • Banking/Finances
    • Business Law
    • Commercial Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • Coronavirus 2020
    • Fantastic 50
    • Generous Virginians Project
    • Legal Elite
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards
    • Vote Now for Women in Leadership
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read the issue
    • Order a copy
    • Buy an award plaque
    • Nominate execs for 2021

Home News Industries Commercial Real Estate Aging office parks embrace multifamily

Aging office parks embrace multifamily

Published March 30, 2021 by Jason Roop

Michael Campbell, president of Dominion Realty Partners, plans to add 215 units at Boulders Lakeside Apartments. Photo by Matthew R.O. Brown
Michael Campbell, president of Dominion Realty Partners, plans to add 215 units at Boulders Lakeside Apartments. Photo by Matthew R.O. Brown

A weekday lunch hour is relatively quiet on the grounds of the Boulders office park, south of Richmond, except for a few people chatting during a walk around a lake and the honking of two geese skimming the water.

Overlooking that lake are gray and white apartments recently built from scratch on vacant land — 250 units at 50% occupancy. A phase-two build of 215 units will start in the spring, says Michael Campbell, president of Dominion Realty Partners, developer of Boulders Lakeside Apartments.

Built in the 1980s, the Boulders is one of Chesterfield County’s more mature mixed-use office parks. Woodsy but close to plenty of retail and traffic, it’s a 15-minute drive from the Virginia State Capitol.

Residential development has been a part of the mixed-use suburban office park since its beginning. But even as the Boulders settles into its fourth decade, it’s getting new multifamily life. This residential boom is happening across the region near older office parks, with developers hoping for a better return on investments, following shifting trends of where people choose to live and work by building new apartment buildings on empty parcels.

Boyd Homes is preparing a 245-unit apartment complex in the county’s Gateway Centre office park. At neighboring Henrico County’s Innsbrook, which is more than 40 years old and had apartments for some time, new developments in the works include Highwoods Properties’ plan to construct a 34-acre mixed-use project with office and residential space.

With more people working remotely now, Anthony J. Romanello, executive director of the Henrico Economic Development Authority, says that people have greater freedom to live where they like.

“What that means is that place is more important than ever,” he says. “That’s what’s at the heart of these developments and redevelopments.”

In addition to the Boulders, Dominion Realty Partners also has plans for Innsbrook, where it bought a partly wooded 12.5-acre tract from Dominion Energy Inc. that previously held surface parking for the utility. Campbell anticipates breaking ground this year on 300 units for rent and 58 town homes around the corner from Markel Corp. and Hamilton Beach Brands Holding Co.

His company has pursued similar projects in other markets, he says, because older suburban parks are sites with employment, amenities and accessibility.
“I think the counties are a little more open to multifamily development than they have been in years past.”

Related Stories

Virginia Business logo

Henrico apartment complex sells for $28.52M

The property last sold in late 2017 for $20.6M.

Virginia Business logo

Five-story apartment complex to be built in Henrico County

$2M mixed-use project will also include office building

Virginia Business logo

Apartments developer buys 13 acres in Chesterfield for $4M+

Waverton Development Inc. to construct 230-unit complex

Trending

Liberty University President Jerry Falwell Jr.

UPDATED: Liberty University files $10M suit against Falwell

COVID-19 vaccination shot Photo credit Art Writ, Capital News Service

Va. woman's death connected to Johnson & Johnson vaccine pause

Winchester’s WinLee Apartments has sold for $4.5 million.

Winchester apartments sell for $4.5M

The 5,040-square-foot building will serve as the future home of Canzell Realty.

Virginia Beach office property sells for $1M

Northlake II will include approximately 655,000 square feet of Class A industrial space.

$60M Hanover industrial development to begin construction in May

Sponsored Stories

Sentara Health thanks employees with bonuses and pay raises

Girls for a Change Empowers Black Youth for the Future Workforce

Hope is NOT a sustainability strategy

Supply Chains After a Year of Disruptions

Advertisement

Advertisement

Trending

Liberty University President Jerry Falwell Jr.

UPDATED: Liberty University files $10M suit against Falwell

COVID-19 vaccination shot Photo credit Art Writ, Capital News Service

Va. woman's death connected to Johnson & Johnson vaccine pause

Winchester’s WinLee Apartments has sold for $4.5 million.

Winchester apartments sell for $4.5M

The 5,040-square-foot building will serve as the future home of Canzell Realty.

Virginia Beach office property sells for $1M

Northlake II will include approximately 655,000 square feet of Class A industrial space.

$60M Hanover industrial development to begin construction in May

Sponsored Stories

Sentara Health thanks employees with bonuses and pay raises

Girls for a Change Empowers Black Youth for the Future Workforce

Hope is NOT a sustainability strategy

Supply Chains After a Year of Disruptions

Get Virginia Business directly on your tablet or in your mailbox!

Subscribe to Virginia Business

Advertisement

Advertisement

Footer Primary Menu

  • virginiabusiness.com
  • Subscribe
  • Advertise
  • About Us
  • Contact Us

Footer Secondary Menu

  • Industries
  • Regions
  • Reports
  • Company News
  • Events

Sign Up For Our Newsletter

Sign Up

LinkedIn Facebook Twitter Instagram Get Our App

Privacy Policy Cookie Policy

Footer Utility Menu

Copyright © 2021 Virginia Business. All rights reserved.

Site Maintained by TechArk