RICHMOND, Va. — A cluster of new rowhouses planned just south of Scott’s Addition is about to start going vertical.
The Meridian, an eight-unit development at North Thompson Street and Cutshaw Avenue, is set to rise in March, said developer Carter Snipes, principal broker of Richmond-based Snipes Properties.
Plans call for each unit to total 1,800 square feet and include a rooftop deck, open floor plan and off-street parking. The units, priced between $450,000 and $500,000, are set to hit the market Tuesday.
Carter said the price point could attract potential homebuyers with access to amenities in nearby Scott’s Addition and the Museum District.
“There’s not a lot out there in the mid-$400,000 price point,” Snipes said. “Rents for a 1,800-square-foot apartment are about $1,800 to $1,900 a month … For about $2,200 a month you could own a single-family unit in The Meridian.”
Existing buildings fronting Cutshaw Avenue and a parking lot behind them will be demolished to make way for the development.
“We’re looking to start demoing the building next week,” Snipes said.
Snipes’ firm purchased the 0.34-acre parcel at 3412 Cutshaw Ave. two years ago for $390,000, according to city tax records. Plans for the development were approved by city council last year.
Snipes estimates the the project would cost $2.5 million. Financing is being provided by Village Bank. The units will be marketed and sold by Snipes Properties.
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