Work underway on 10-story residential tower in Manchester
RICHMOND, Va. — A pair of developers behind some of Manchester’s largest apartment communities is teaming up for one of their biggest – and tallest – projects in the neighborhood.
Guy Blundon and Mark Purcell have purchased the site for a planned residential tower in the 17-acre City View Landing development and are joining forces to build a nearly $40 million, 10-story structure totaling 213 one- and two-bedroom apartments.
Blundon, owner of CMB Development, and Purcell, owner of Purcell Construction, purchased the 1.8-acre site at 505 Porter St. from CBD Development LLC – an entity of Thalhimer Realty Partners, which is redeveloping the former Reynolds South property.
The deal closed Feb. 23 for an undisclosed amount, according to Thalhimer Vice President Matthew Raggi. The transaction had not been recorded with the city as of Friday afternoon.
The property is assessed at $1.2 million, according to city tax records.
Blundon said the new building, provisionally called Reynolds South Tower, will be spun off from the overall City View Landing development, though he said they will be coordinating with Thalhimer as the rest of City View takes shape.
Plans for City View Landing originally called for two 13-story towers, in addition to new retail construction and three historic rehabs. Drew Wiltshire, Thalhimer Realty Partners president, said it may be another five years before the other tower – still planned for 13 stories and 250,000 square feet of office space – would rise next door.
Wiltshire said Thalhimer has no plans to sell off any remaining parcels in the development.
“Given the experience Purcell and Blundon have, it just made sense for us to sell them the land to develop this type of project,” Wiltshire said.
The site is bordered by West Sixth Street to the south and the railroad tracks and floodwall along the James River to the north. It is across Porter Street from Thalhimer’s City View Lofts apartment development.
Purcell Construction is serving as general contractor and launched construction on the property shortly after the purchase closed last week. Richmond-based APEX Design Group is the architect on the project.
Crews are looking to deliver the tower by May 2018. Blundon said Thalhimer will manage and lease the property.
Continue reading on RichmondBizSense.com.