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178-unit apartment building opens in Shockoe Bottom

Posted at 10:03 AM, Oct 11, 2018
and last updated 2018-10-11 10:03:27-04

RICHMOND, Va. — A developer from the coast has brought his first Richmond project to life two years after buying an empty lot in Shockoe Bottom.

Seacoast Builders, which has operations in Charleston, South Carolina, and Rehoboth Beach, Delaware, recently completed its $25 million, 178-unit Vida East development at 1903 E. Marshall St.

Rick Banning is Seacoast’s owner. Vida East is owned under his Shockoe Ventures Realty LLC.

“I chose Richmond for my newest development site because of its historic character, thriving economy, and access to nature and recreation,” Banning said. He noted that “Vida” means life, and that he hopes residents will enjoy the neighborhood ties, businesses and history that “makes RVA unique.”

Banning’s company purchased the 1-acre lot, which sits at the base of Jefferson Park near Church Hill, for just over $2 million in 2016. Floor plans for the apartments range from 351-square-foot studios to 1,192-square-foot, two-bedroom apartments.

Leasing availability began on Oct. 1, and so far five leases have been signed.

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