Construction is underway on a Chesterfield mall’s massive new neighbor.
Norfolk-based Kotarides Development has started work at the Belmont at Chesterfield Towne Center, a 17-building, 368-unit apartment complex just north of the shopping mall. The company’s project manager Jim Marquette said costs for the complex are expected to top $30 million.
The Belmont will be the first Richmond area development for Kotarides, which manages properties in the Virginia Beach area as well as Raleigh and Durham, N.C.
Plans call for 15 buildings with 24 apartments each, a single eight-unit building and a clubhouse. Chesterfield County in September issued almost $4.6 million worth of building permits for the site.
Kotarides, acting as 1952 LLC, bought the land for almost $6.7 million in 2011, county records show. Another out-of-town developer had plans for a similar apartment development and had the property rezoned in 2006 before backing out on the project. Kotarides development manager Danny Blevins said Kotarides was eyeing the site long before it became available.
“We’ve looked in a lot of places in the Richmond market. This particular property was one that we were able to negotiate a contract and a deal on,” Blevins said. “It was a long time coming from ’06 to now, obviously, so we had to stay with it.”
Kotarides hopes to open its apartment complex in summer 2014.
The Belmont will be the first residential piece in a larger planned mixed-use development called the Woodlands, which stretches from Koger Center Boulevard to Robious Road. A 150,000-square-foot Costco and an Express Oil Change and Service Center that front Koger Center Boulevard are the only finished buildings currently at the site.
The undeveloped land is owned by Woodlands Real Estate LLC, a joint venture majority-owned and operated by Richmond-based Riverstone Properties, and is being marketed by Connie Jordan Nielsen, a broker with Cushman & Wakefield | Thalhimer.
Chesterfield County will see more than 600 new apartment units in the next year, as Robinson Development plans to open a 255-unit complex in the fall at the CenterPointe development near Bon Secours St. Francis Medical Center.
Apartment development in Chesterfield has lagged in recent years, a trend that developers have attributed to an $18,000 per door proffer charged by the county. The CenterPointe project site was exempt from the unpopular development tax. Blevins said the proffers Kotarides paid for the Belmont were well below the $18,000 mark.
“There were proffers, don’t misunderstand me,” he said. “The proffers weren’t as much as they are now by any stretch of the imagination.”
The finished product at Belmont will include a pool, a fitness facility and a playground. Marquette said the slate of resort-like amenities will be the complex’s biggest draw for prospective tenants.
Vertical construction is expected to begin this year.