Bristol Development Group plans apartment project in Goochland County
Bristol Development Group has purchased 22 acres in the West Creek Business Park in Goochland County and plans to build a 373-unit luxury apartment community.
If all goes as planned, this would be another major project for the Nashville-based company, which has been developing in the Richmond market since the 1990s.
According to Cushman & Wakefield | Thalhimer, which brokered the land sale, the Goochland site is located at the interchange of Route 288 and West Creek Parkway. It is close to Hardywood Park Craft Brewery’s planned development, the Capital One Financial Corp. operations complex and CarMax headquarters.
The partnership that owns West Creek, RGBD LLC and PBD LLC, were the sellers in the transaction. The price of the land was not disclosed. Thalhimer’s David Smith handled sale negotiations on behalf of Bristol Development. According to Smith, Bristol Development was interested in the land, even before Hardywood, a popular Richmond brewery, decided to expand to Goochland. “It's a beautiful site. It sits high and on top of 288 so there's visibility from 288. They liked the proximity to the major employers and the Patterson Avenue corridor,” Smith said.
Bristol Development Group plans to begin development later this summer on what would be known as Bristol at West Creek.
Currently, the company is partnering with Union Presbyterian Seminary in Richmond on a $50 million project that would put 300 apartments on 15 acres that the seminary owns off Brook Road. That project, scheduled for completion in 2017, would help replace the seminary’s outdated student housing and increase the new apartment product in North Richmond.
According to its website, Bristol Development focuses on developing urban infill locations in second-tier cities. Its development portfolio spans the Southeast, Southwest and Mid-Atlantic regions in cities with job growth and population.