Richmond Multifamily for Sale - Manchester
201 W. Commerce Road is a prime 1-acre Development Site which is uniquely located at the Gateway Entrance to the Manchester district of downtown Richmond, Virginia. This prime Development Site is Zoned B-4, which is the City of Richmond’s – Downtown Central Business District Zoning. This approved Zoning is the most flexible any property can have in Richmond and is ideal for any type of project such as: Multi-family, Mixed-use with Retail / Commercial / Office, Hotel, or a Senior Living development.
The B-4 Zoning (Central Business District) also allows for unlimited building heights, as well as no parking mandates or requirements. A tall building on this property provides a direct line of sight for Signage to be seen from both Interstate 95, the I-95 Bridge over the James River as well as the I-195 / Downtown Expressway Exit with an Average Daily Traffic count of over 133,000 vehicles per day.
In addition to access to and from Downtown Richmond, this property has access via the newly redeveloped Maury Street / Commerce Road Exit as a roundabout exit off of Interstate 95 in both the North and South directions.
This property has the benefit of 330 linear feet of street frontage along West Commerce Road / 9th Street, which is the main 6-lane artery connecting Manchester to downtown Richmond via the 9th Street / Manchester Bridge landing at the south bank of the James River. Another compelling attribute of this site is having two (2) hard corner intersections access points and intersections which occur on West Commerce Road at both Perry and Porter Streets. Each hard corner intersection of this site at Commerce Road also has dedicated turn lanes in each direction.
In addition to the Opportunity Zone and Enterprise Zone location, the most compelling amenities of a new development on this site will be its’: Location, Views of both the James River, the Downtown Richmond Skyline, as well as the views and proximity to Browns Island and the James River Park System.
This property could accommodate up to one million square feet of development space (1,000,000 SF) which would include up to 30,000 SF of Retail / Commercial Space with a drive-thru component at the Street level. On top of the street level space and amenities, this site can accommodate up to a 700-vehicle parking deck (roughly 250,000 SF) within 6-7 levels of above grade structured parking. On top of the Parking Structure / podium there could be up to 600,000 SF of development space (600 luxury apartments or another mix of uses) within a range of 20 to 30 Residential Floors. The vertical building component(s) of a development could consist of: a single Residential Tower, two Residential Towers, or a mix of a Residential Tower with a separate Hotel Tower. There is also an opportunity to have two levels of a separate and private below grade parking structure with up to 200 to 300 Parking Spaces (80,000 to 120,000 SF).
