Developer expects to break ground soon on luxury apartments in Richmond

Project would bring 53 apartments to downtown vacant lot

Published January 23, 2020 by Kate Andrews

Construction will start this spring on a six-story luxury apartment building in downtown Richmond geared toward young professionals, New York-based developer Goodstein Development Corp. announced Thursday.

Goodstein plans to break ground at 507 E. Main St. in the next two months and complete the project by spring 2021, according to its press release. To be called Centennial Terrace, the 47,833-square-foot building will include 53 apartments expected to rent from $1,146 a month. The city of Richmond recently approved the project, which will also feature first-floor commercial space.

The company has owned the vacant land since 2005.

Goodstein has other multifamily residential properties in Richmond, including Centennial Apartments at 523 E. Main St., a multiuse retail and residential building renovated in 2016 that would be next door to Centennial Terrace, and The Links at Virginia Center Commons in Henrico County, which were recently converted from apartments to condominiums.

Richmond-based Walter Parks Architects is designing Centennial Terrace, which will have building access via smartphone, electronic package lockers and other “smart building” capabilities. Chesterfield County-based Branch Builds is general contractor. Dodson Property Management of Richmond will manage the property, and Potomac Business Services of Maryland handled financing.