RICHMOND, Va. — Two developers are swooping into Scott’s Addition with a $20 million apartment project that will bring more height near the neighborhood’s Broad Street border.
An entity led by Geoff Shudtz of Richmond-based Dodson Commercial, along with Fountainhead Properties’ Tom Papa, is developing The Nest – a six-story, 118-unit apartment project set to rise on about 0.6 acres at 3105, 3107, 3113 and 3115 W. Marshall St.
Their group is under contract to purchase the properties for an undisclosed amount. The parcels are owned by Summit Suites LLC, a group led by Yogi Singh that bought the properties in a package deal in 2016 for $2.5 million.
The properties, which houses two 1970s-era office buildings and two accompanying surface parking lots, most recently was assessed by the city at a combined $4.4 million.
“Shudtz has been working on this for about a year,” Papa said. “As Scott’s Addition continues to grow, it’s becoming more important to find deals since it’s becoming harder to do as the neighborhood changes.”
The group is expected to secure financing for the development and close on the property by year-end, Papa said. The existing office buildings will be razed.