Henrico condo communities planned for West Broad Street
HENRICO COUNTY, Va. — A homebuilder already busy in western Henrico is getting even busier with two infill developments set to add hundreds of homes off a stretch of West Broad Street.
Reston-based Stanley Martin Homes is looking to build more than 300 condos between two projects planned within a quarter-mile of each other: the 15-acre Wistar Glen, planned for 160 homes at 4613 Wistar Road; and the 13-acre West Broad Landing, planned for up to 200 condos at the former Lawrence Dodge dealership at 7411 W. Broad St.
The company closed March 1 on the purchase of the Wistar Glen site, an undeveloped tract along Wistar Road behind the Merchants Walk Shopping Center on the other side of Broad. It plans to construct 136 condos there, with the rest of the site to be filled with 24 townhomes by another builder.
The company paid $2.1 million for the land, which was previously owned by Commonwealth Opportunity Fund West LLC, an entity that shares an office address with Innsbrook-based real estate brokerage Commonwealth Commercial. Commonwealth Commercial’s Ryan Fanelli represented the LLC in the transaction.
The seller purchased the land in 2007 for $1.5 million. A county assessment most recently valued it at $1.4 million.
The site was rezoned for the development last year by local developer Hank Wilton, who had the property under contract before selling the contract to Stanley Martin, said Jeremy Swink, the company’s Southern region vice president of land.