RICHMOND—The local owner of a 170-acre infill development site here has placed the property on the market in hopes of attracting a national developer interested in building, well, whatever he or she thinks will best suit the site. The property, called Parkway Crossings at Bon Air, has entitled the property so it can be developed into a variety of uses including office, retail, multifamily, medical office and hospitality, JLL's Gareth Jones tells GlobeSt.com. Jones, along with Greg Ferrante, is marketing the property for the owner, which has substantial holdings in the Richmond market as well as others in the Southeast.

The property is located at the intersection of Chippenham and Powhite Parkways, about eight miles southwest of Richmond's central business district in the Bon Air submarket. The parkways provide excellent regional access from the city of Richmond, and Henrico, Chesterfield, Powhatan and Goochland Counties.

The owner is marketing the tract now, because the timing is right, Jones says. "Prior to this point it was not a good environment for large-scale development." Jones declined to discuss valuations or pricing, noting that the owners don't have a fixed price in mind, other than the conviction that substantial densities can be built on the site. "This is definitely not a discounted or distressed purchase," he says, "but the owners are reluctant to peg their perception of the value to a specific price at this point."

Also, Jones pointed out, different groups will value the site differently depending on what use they envision for the property.

The timing is also right for the project because Richmond is doing well right now, Jones said. "The job sector is health, and the unemployment rate in improving steadily here. It is a diverse economy and we are starting to see large-scale suburban development and a lot of infill suburban development too."

Parkway Crossings at Bon Air is divided into three primary parcels. The largest is 106 acres to the north of Powhite Parkway, fronting Chippenham Parkway. A second 50-acre parcel fronts Chippenham Parkway south of Powhite Parkway, and is bounded by Jahnke Road. The third consists of the two remaining tracts, 11 and five acres respectively, at either side of the entrance to the Boulders Office Park at Boulders Parkway and Jahnke Road.

Instant Insights /

170-Acre Infill Development Site Goes on Market

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