NORFOLK, VA (November 2018) – S.L. Nusbaum Realty Co. is pleased to announce that the Maryland-based CPDC recently broke ground on two adjacent apartment communities in Richmond’s historic Jackson Ward.
S.L. Nusbaum Realty Co.’s Steve Boyce, Sue Hartley and Trish Harris attended the ground breaking, alongside CPDC’s Pamela Amos, Wanda Langley-Hardy, Matt Engel, Christopher LoPiano and Michael Pitchford in Jackson Ward, a National Historic Landmark because of its role in African American history. CPDC is a premier provider of affordable and mixed-income housing and creates vibrant communities through innovation and partnership, including its new combination with Enterprise Community Partners.
The Honorable Levar Stoney, Mayor of Richmond, concluded the groundbreaking ceremony by tying the development to his goal of bringing 1,500 new units of affordable housing to the City. Also among the speakers who gave powerful remarks were Orlando C. Artze, Interim Executive Director of the Richmond Redevelopment and Housing Authority, The Honorable Kimberly Gray, Richmond City Council member, Steve Smith, Senior Vice President of SunTrust Community Capital, LLC and Susan F. Dewey, Executive Director of the Virginia Housing Development Authority.
“We are looking forward to starting the lease-up of these two properties in the very near future. One will be an 82-unit (46 at market-rate) community that includes 6,000 square feet of retail space. The other will be a 72-unit affordable community for seniors moving in from the aging Fay Towers. S.L. Nusbaum Realty Co. has been selected to lease and manage all three components of the development,” said Boyce.
“The retail space will be attractive to restaurateurs or others seeking a prime location in this emerging historic section of downtown,” says Nusbaum’s Nathan Shor, who will represent the landlord in leasing the retail space. To learn more about retail opportunities, click here.
“The apartments will meet what we believe to be a pent-up demand for brand new, quality apartment living in Jackson Ward. This historic neighborhood is the next big thing in Richmond,” says Boyce.
Community amenities will include off street parking, a dog-grooming room, media room, a fitness center, an outdoor patio and grill area, on-site management and walkable access to local restaurants. Leasing is expected to begin in October 2019 and rents in the 82-unit building will range from $900 for a studio apartment to $1,600 for a two-bedroom unit.
S.L. Nusbaum Realty Co. currently manages approximately 1,400 units for CPDC throughout Virginia.
With over 115 years of expertise in the real estate industry, S.L. Nusbaum Realty Co. manages, develops and provides sales and leasing services for shopping centers, apartment communities, office, industrial and investment properties throughout the Mid-Atlantic and Southeast.