Richmond development group purchases 12 acres in Manchester
A local development group has purchased a prime 12.8-acre parcel in Manchester for $3.7 million.
Manchester Town Center LLC bought the land located at 1802 Semmes Ave. near the intersection of Cowardin and Semmes avenues. Richmond-based Harper Associates will manage the property.
According to CBRE|Richmond, the seller was Alleghany Warehouse Co. Inc. Matt Anderson and Rob Dirom of CBRE|Richmond represented the buyer in the transaction.
This site is located in the southwest corner of the fast-growing Manchester District and is close to the James River and within walking distance of downtown Richmond. The property, zoned light industrial, was most recently assessed by the city at $2.5 million. It has 300,000 square feet of existing warehouse space.
In recent years, Manchester has become a hotspot for redevelopment with former manufacturing and industrial uses giving way to art galleries, loft apartments, retail development and office spaces.
As for possible uses for the land, Will Allen, a portfolio manager for Harper Associates, said, “We’re thinking mixed use will be the way to go in that market. We’re looking hard at retail, maybe some office, maybe some apartments.”
Harper, a real estate development, investments and management company, has built projects ranging from 150,000 to 300,000 square feet in commercial and residential mixed-use communities. Projects include Chippenham Forest Square, a Lowe’s- and Walmart-anchored development at Forest Hill Avenue and Chippenham Parkway, and a development with a Kroger and Lowe's off 1500 West Broad Street, in the city near Virginia Commonwealth University.