RICHMOND, Va. — After striking a deal with the city over access to the site, a local development firm is moving forward with plans to add two towers beside Manchester’s Mayo Bridge gateway.
Tom Papa, who runs Richmond-based Fountainhead Properties, has filed a development plan for a 14-story mixed-use tower – the first of two buildings planned for the 3.74-acre site of a former paper mill at 111 Hull St.
Papa, who parted ways with former business partner John Gregory earlier this year while retaining ownership of Fountainhead, is teaming up with WVS Cos.’ Richard Souter and Jason Vickers-Smith on the multi-phased, $100 million project, dubbed South Falls.
To be built on a quasi-island west of the Mayo Bridge alongside the James River floodwall, South Falls would consist of hundreds of apartments in a pair of towers to be completed in two phases, Papa said.
“This really is a beautiful site,” he said. “But there were challenges early on because of its location on the canal, and having to navigate city-owned property.”
Fountainhead secured rezoning for the property in November 2016 to accommodate the project, striking a deal with city leaders to replace an access-road bridge over Manchester Canal and pay for reconstruction of connector roads on the site.