NYC Firm to Break Ground on Downtown Richmond Project
Goodstein obtained the permits to start construction soon on a 53-unit development in the city’s CBD. JAN 30 2020 By Laura Calugar
Goodstein Development Corp. intends to start work this spring on Centennial Terrace, a six-story mid-rise in downtown Richmond, Va. The 53-unit luxury community is set to be completed next year. Walter Parks Architects is the designer of the project, Branch Builds is the general contractor and Potomac Business Services is handling financing. Dodson Property Management is in charge of property management.
Centennial Terrace will be built on an empty lot spanning from 507 to 519 E. Main St. in the city’s central business district. Stops on Richmond’s Pulse Bus Rapid Transit system will be only three blocks north of the 47,833-square-foot development. Plans call for a mix of studios, one- and two-bedroom units, ranging between 468 and 1,022 square feet. The project also includes a 2,152-square-foot first-floor commercial space.
Centennial Terrace is set to be a smart building, with automated access control from residents’ smartphones, high-speed internet, virtual concierge and electronic package lockers. Community amenities are slated to include a rooftop terrace, a gym, a social club and 23 parking spaces. Rents are expected to start at $1,146.
Goodstein has been active in Richmond for the past 19 years. Recently, the developer completed the renovation of an adjacent building that features 24 units and two ground-floor restaurants. Despite overbuilding fears across some submarkets over the past few years, long-term fundamentals in Richmond are still solid, according to the latest Yardi Matrix report.
By Adrianna Hargrove| January 23, 2020 at 1:00 PM EST – Updated January 23 at 1:00 PM
RICHMOND, Va. (WWBT) – Permits have been approved for a downtown Richmond apartment complex called, “Centennial Terrace”, which will be targeted to young professionals.
The building will be a six-story building with 53 luxurious units in the Central Business District of the city.
Goodstein Development Corp. will start construction on the property, which will fill in a notable gap on East Main Street.
Studio, one, two-bedroom, and “large” one-bedroom units will range from 468-1,022 square feet.
On the first floor, the building will include space for a retailer, restaurant or business seeking prominent Main Street frontage.
Centennial Terrace will be constructed as a “Smart Building” with automated access control from residents’ smartphones, high-speed wireless internet, virtual concierge, electronic package lockers with delivery notifications and more.
“The last few years have seen new life in downtown Richmond and we believe the city is marked for even more growth. Outside of New York City, we have found Richmond to be one of the most up-and-coming markets for development, and we’re proud to be a part of that movement,” Jake Goodstein, Vice President of Goodstein Development, said. “We look forward to delivering Centennial Terrace and another magnificent Richmond property for professionals looking to live around the corner from where they work and play.”