According to the Richmond Times-Dispatch, a two-level penthouse at The Jane at Moore’s Lake apartments in Chesterfield County has been leased for more than $3,000 a month even though the unit is not finished yet. The apartment complex is located in Chester, a 20-minute drive south of Richmond. “This will be the most expensive and the best product that we’ve ever built in the county,” said George Emerson, who is developing the luxury apartments with business partner Phil Roper. “When we finish this, we will have about $65 million in the ground.
Similar to the flurry of multifamily apartment complexes being built in the Manchester and Scott’s Addition areas of Richmond, Chesterfield is having a multifamily moment of its own. A slew of new developments are under construction, or in planning or proposal stages. Many of the new complexes are clustered on the western end of the county and are part of or adjacent to larger mixed-use developments — Watkins Centre, Westchester Commons, CenterPointe and Magnolia Green, among them.
Developers, planners and real estate professionals say primarily two things are driving the surge in interest and construction — pent-up demand and the relaxation of proffers in 2016. “The growth there was stunted because of the Great Recession (2007-2009). Now, various parties have realized that there are opportunities out there,” said Brian Glass, a senior vice president for retail with Harrison & Bates, a commercial real estate firm.
“There are a lot of residential rental properties and sales properties going up. Finally, the Westchester Commons shopping area is going to get a boost because it was way out there pioneering before residential. That’s not usually the way it works,” Glass said. “Rooftops before retail” is how county planners and developers say it. In order for retail to take off, there has to be a critical mass of residential units nearby to feed them shoppers.
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