Local Group Investing $8.7 Million To Restart West Broad Village Development
Development of Short Pump’s premier Urban Mixed Use development, West Broad Village, has been stalled for months. With over $5.5 million worth of debt mounted against the project’s developer, Unicorp National Developments, the remainder of the project seemed to be up in the air for the foreseeable future. That’s all about to change. Private equity group […]
Development of Short Pump’s premier Urban Mixed Use development, West Broad Village, has been stalled for months. With over $5.5 million worth of debt mounted against the project’s developer, Unicorp National Developments, the remainder of the project seemed to be up in the air for the foreseeable future.
That’s all about to change. Private equity group E/Class MB Partners Fund I will take over the development, construction, maintenance and other aspects of the project’s management, putting the development back in the black and alleviating the pressing debt.
The investment group says incomplete portions of the development, including a parking garage for the recently opened Aloft Hotel, the resident clubhouse and a substantial foliage buffer along Three Chopt Road that was promised to residents of adjacent neighborhoods are all among the first items on the punch list for the new investors. Tasks will be overseen locally by Innsbrook-based Eagle Construction.
While some planned tenants including Books-A-Million and Gordon Biersch’s have pulled out, many others have recently opened or will soon. Included are Home Goods, REI, Old Navy, Keagan’s Pub and The Wine Loft.
The investment deal will be complete by late next week and construction is expected to resume in December. 130,000 square feet of retail and office space remain available for lease.
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Trevor Dickerson
Trevor Dickerson loves all things Richmond and manages RVANews’ West of the Boulevard and West End community sites.
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