Thalhimer Realty Partners Announce 161 New Apartments for Manchester News by Michael C. Hild - June 6, 2018June 7, 201813 Thalhimer Realty Partners announced a $25 Million City View Marketplace development in Manchester that will consist of 5 different buildings and 161 apartments. The first floors will also offer 13,270 square feet of retail and restaurant space. Perhaps most interesting of all is what they are not building in an attempt to leave space available for a potential future grocer. Here is what Drew Wiltshire said in yesterday’s Richmond Times Dispatch article: “We feel like a grocer would be the anchor. We are talking to grocers right now. We believe it will come to fruition. We feel providing more rooftops will prove the case for more retail. The more apartments to come, the more demand there will be for a grocery store. We want retail there and we think it will serve our residents.” You can read the full article here. Image Credit: 3 North SaveSave SaveSave SaveSave
Continuing the infill of vacant land once a useless parking lot is good for all…old and new residents. Reply
6th and Hull https://www.thalhimer.com/sites/default/files/listings_files/CityViewMarketplace.pdf Reply
We are so excited to see our neighborhood growing! Can’t wait to see what will move in to the retail locations. Reply
All that will happen is rents will go up and everything else will inflate too!!!! Ugh to gentrification!!!! Reply
What is your theory of how this development on vacant former industrial land will make rents go up? One possibility I can think of is that it will make the surrounding apartments (most of which have also been built in the last few years) more attractive, allowing the owners of those properties to raise the rents. Is that what you think will happen? Alternatively, by increasing the supply of housing in this part of Richmond (and in Richmond as a whole), apartment vacancies will increase (apartments won’t be rented quite as fast), which will suppress rent increases. I think this is the more likely scenario. Right now, the apartment market near downtown Richmond is very tight, allowing landlords to charge what I consider exorbitant rents. If this development were farther down Hull Street I might agree with you. But at 6th and Hull/Bainbridge, I don’t think it will meaningfully contribute to gentrification of any of the existing neighborhoods. Reply
Like this: https://m.youtube.com/watch?v=lvpVbX5jE9U On a more serious note, you might check out the books, How to Kill a City The Edge Becomes the Center, and/or There Goes the ‘Hood. At the end of the day, the folks on the majority-Black south side are not blind to neighborhood problems and would absolutely welcome improvements–but many also inhabit some the last affordable rental spaces in the city. They want to and–thanks to disproportionate reliance on public transit–often NEED to stay in their community. They can’t afford for improvement to result in its loss to them. The city should be working to preserve affordable housing at levels that commensurate with the needs of its population rather that letting developers steamroll theses communities in the name of increased revenue. Reply
