RICHMOND, Va. — A newcomer to the local development scene is bringing some added height to a stretch of Marshall Street in Jackson Ward.
Eric Phipps’ EGP Properties LLC is under contract to purchase a nearly 1-acre parcel at 2 E. Marshall St., where it will build a five-story, 167-unit apartment project.
Phipps, who confirmed the pending deal last week, said this is his firm’s first large-scale development since launching earlier this year.
The $27 million Marshall Lofts will have five floors of apartments constructed above 4,000 square feet of street-level commercial space and ground-level parking, Phipps said. It also will have one level of underground parking, for a total of 165 spaces.
“We’re hoping to attract a retail tenant and a restaurant,” Phipps said.
He said the company expects to submit its development plan to the city this week.
Pending approval, Phipps said he hopes to close on the property and begin construction in August. The site spans four small, contiguous parcels from 8 W. Marshall St. to 2 E. Marshall St., owned by an affiliate of Richmond-based Genesis Properties.
KBS Inc. has been tapped as the project’s general contractor. Walter Parks Architects is designing it.
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