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The Collegiate takes shape

December 16, 2011 6

An 11-acre, $22.4 million student apartment project is quickly coming out of the ground off Chamberlayne Avenue, north of Virginia Commonwealth University.

Trinitas Ventures, an Indiana-based student housing developer, worked for a year to close the deal on the land. Work began this summer, and BizSense first broke the story in June.

The development, known as the Collegiate, will consist of 270 one-, two-, three- and four-bedroom units.

This photo doesn’t do the project justice. What’s pictured is just the first row of apartments. The property extends back several blocks, and about four of the structures are out of the ground so far. It’s massive.

It also has interesting history. As BizSense first reported, the land was previously a trailer park and was then owned by an LLC tied to imprisoned developer Justin French. He, too, planned a student housing project for the land.

Trinitas purchased the land for $2.6 million. The proceeds of the sale went to the U.S. Attorney for restitution to French’s victims.

Indiana-based construction firm Vizor-Alderson is the general contractor.

The project is expected to be completed in August 2012.

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6 Comments »

  1. charles December 20, 2011 at 9:43 am - Reply

    I hope they succeed, but my first take on this project is that they are nuts, and have no clue about Richmond real estate. There are ongoing issues with that locality, such that I certainly wouldn’t have my daughter live in those apartments.

    But I really hope I’m wrong, as the project will be good for the city if it works.

  2. Matt December 20, 2011 at 12:01 pm - Reply

    I completely agree with charles.

    It’s hard to imagine a worse location in Richmond and I cannot fathom the idea of allowing a child of mine to live there. Maybe the developers know something about the future of Gilpin Court that we don’t. Would think a common sense look at the staggering crime statistics for that area would be enough to pursue other sites…..

    That being said, I hope this project works out….

  3. DaveM December 20, 2011 at 7:12 pm - Reply

    Agreed with the others. There’s no way in heck that myself or my kids would ever live there. That location is horrible.

  4. joe December 22, 2011 at 11:20 am - Reply

    Im sure all 3 of you live in the suburbs. What a joke.

  5. Jason December 22, 2011 at 1:59 pm - Reply

    Where do you live Joe? The fan? Single male and no kids?

  6. Matt December 26, 2011 at 10:10 am - Reply

    Joe- Thanks for asking….. I live 2 blocks south of the Lee Bridge in middle of Richmond City. How bout you? Gilpin?

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