How developers plan to urbanize Innsbrook

Rendering of the planned Innslake Place apartment complex. (Henrico County records)

Rendering of the planned Innslake Place apartment complex. (Henrico County records)

HENRICO COUNTY, Va. — A group of investors looking to transform a portion of Innsbrook into a more dense mixed-use development has enlisted a local developer to make the project reality.

WAM Associates LLC, led by Joe Marchetti Jr., has enlisted WVS Cos. to develop two apartment buildings and a structured parking deck around an existing office building at 4235 Innslake Drive.

WVS, the developer behind Rocketts Landing and the Locks, is partnering with Marchetti’s group on the project, guiding it through Henrico County’s development review process and bringing in additional capital, said Richard Souter, WVS’ executive vice president.

“We’re partnering with Joe and bringing some external money to the project,” Souter said. “Joe’s bringing land, we’re bringing development expertise, and we’ve got some other people bringing money.”

Called Innslake Place, the project would add 350 apartments and 261 parking spaces in a three-level deck to the 4-acre parcel at Innslake Drive and Dominion Boulevard. The two five-story apartment buildings would be built on both sides of an existing 28,400-square-foot office building, which houses Benchmark Mortgage Cos. With existing parking, the new deck would bring the total number of spaces on the site to 329.

The project received rezoning approval in April – among the first to do so under Henrico’s new urban mixed-use zoning designation. More detailed plans for the development are scheduled to go before the planning commission Wednesday.

If approved, Souter said, the project would go forward as soon as possible, though he said there is no firm start date for construction. He said a project cost has yet to be determined.

Click here to keep reading on RichmondBizSense.