HENRICO, Va. — A developer from New Jersey is making a play in eastern Henrico, with his eye on a swath of bank-owned property once held by a now-defunct real estate investment firm.
Salvatore Cangiano has submitted preliminary plans with the county to rezone and develop 80 acres formerly held by The Tetra Cos. at Dry Bridge and East Williamsburg roads near Interstate 295.
Dubbed Drybridge Commons, plans call for the site to accommodate 43 single-family residences, 230 townhomes, 13 acres of commercial development that includes retail, office space and a hotel, and a fast-casual restaurant.
The developer is under contract to purchase the land from Essex Bank, said Andrew Condlin, an attorney with Roth Jackson who is representing the seller.
Condlin would not discuss specifics about the pending deal, including a purchase price for the property. The land was most recently assessed by the county at $3.1 million. The bank took hold of the land through foreclosure in 2011.
Cangiano also is seeking a provisional use permit for a 24-hour convenience store and gas station at the intersection of Dry Bridge and East Williamsburg roads.
Henrico County planning commissioners will hear the rezoning request at their June 14 meeting. A meeting for nearby homeowners outlining the project is scheduled for tonight at Sandston Elementary School at 6:30 p.m.
David Jordan, Cangiano’s Virginia project manager overseeing the proposed development, said much of the planning is in its infancy and that neither homebuilders nor commercial tenants have yet been signed on. The group is working to get utilities to the site, he said.
“It really is a nice piece property in a nice part of town,” Jordan said. “We just felt the existing (approved site plan) is not the best and correct use for this site, and what we’re proposing will be a better fit for such a location and site.”
Continue reading on RichmondBizSense.com.
