spark317
Dec 9, 2003, 4:47 PM
http://media.hamptonroads.com/images/business/granbyrenderingbig.jpg
A rendering of the proposed residential complex which will include about 268 apartments and 90 condominiums
“Norfolk has done a tremendous job with its downtown redevelopment,” Daniel said. “It’s the most attractive downtown for a midsized market in the South. “People want to live close to the kind of attractions in downtown Norfolk.’’
By HARRY MINIUM, The Virginian-Pilot
© December 9, 2003
NORFOLK — A Tennessee company plans to break ground in April on the first stage of an apartment and condominium complex that will expand the borders of residential Ghent and add about 600 high-income residents to the city.
Bristol Development Co. of Nashville plans to build 268 apartments and about 90 condominiums on the sites of the Ghent Market and Antique Centre and the vacant Mary Jane Bakery.
Work would begin first on the apartments, which would be on Monticello Avenue and Granby Street between 14th and 16th streets. A portion of 15th Street would be closed.
The project would be the first to take residential development across Granby Street, the unofficial border between residential Ghent and the Monticello Avenue business corridor.
“This is an exciting project that will have the strategic impact of bringing the downtown, Ghent and Monticello Avenue corridors more closely together,” Mayor Paul D. Fraim said. “It will stimulate further development along Monticello Avenue.’’
The apartments would rent for $800 to $1,800 a month, officials said. The condos likely would cost between $150,000 and $230,000.
Bristol Development focuses on upscale developments in medium-sized markets. The company has built projects in Memphis, Nashville and San Antonio and is working on a project in Richmond.
Dan Daniel, chairman of Bristol Development, and David Hanchrow, director of development, became interested in Hampton Roads while working in Richmond.
They originally considered developing in Virginia Beach but were won over to Norfolk when Rick Henn of the city’s department of economic development gave them a tour of newly opened downtown restaurants.
“Norfolk has done a tremendous job with its downtown redevelopment,” Daniel said. “It’s the most attractive downtown for a midsized market in the South. “People want to live close to the kind of attractions in downtown Norfolk.’’
Hanchrow said high apartment occupancy rates and demand for housing in Ghent also made Norfolk attractive.
“The proximity to downtown, to the medical center and Old Dominion makes this a location that we believe works well for a high-end apartment location,” he said.
Land must be rezoned and plans approved by the Design Review Committee, the Planning Commission and the City Council.
But a positive preliminary review of designs by the Planning Commission last month hinted that the project will pass those hurdles.
“It has a great feel, a great urban look,” Planning Commission chairwoman Barbara Zoby said.
Daniel and Hanchrow met last summer with Ray Gindroz, the city’s design guru, who suggested small changes in the design. The apartment-building plans call for four stories attached to a 444-space parking garage.
Plans for the four-story condominium complex, which would be located on the northern half of the Mary Jane site, aren’t complete, and no timeline is set for construction.
Because the apartments will be managed by an in-house management arm – Bristol Residence Services – Fraim said Bristol may develop other projects in the city.
“There are economies of scale associated with managing several projects in the same city,” Fraim said. “They are looking at some smaller sites.’’
A rendering of the proposed residential complex which will include about 268 apartments and 90 condominiums
“Norfolk has done a tremendous job with its downtown redevelopment,” Daniel said. “It’s the most attractive downtown for a midsized market in the South. “People want to live close to the kind of attractions in downtown Norfolk.’’
By HARRY MINIUM, The Virginian-Pilot
© December 9, 2003
NORFOLK — A Tennessee company plans to break ground in April on the first stage of an apartment and condominium complex that will expand the borders of residential Ghent and add about 600 high-income residents to the city.
Bristol Development Co. of Nashville plans to build 268 apartments and about 90 condominiums on the sites of the Ghent Market and Antique Centre and the vacant Mary Jane Bakery.
Work would begin first on the apartments, which would be on Monticello Avenue and Granby Street between 14th and 16th streets. A portion of 15th Street would be closed.
The project would be the first to take residential development across Granby Street, the unofficial border between residential Ghent and the Monticello Avenue business corridor.
“This is an exciting project that will have the strategic impact of bringing the downtown, Ghent and Monticello Avenue corridors more closely together,” Mayor Paul D. Fraim said. “It will stimulate further development along Monticello Avenue.’’
The apartments would rent for $800 to $1,800 a month, officials said. The condos likely would cost between $150,000 and $230,000.
Bristol Development focuses on upscale developments in medium-sized markets. The company has built projects in Memphis, Nashville and San Antonio and is working on a project in Richmond.
Dan Daniel, chairman of Bristol Development, and David Hanchrow, director of development, became interested in Hampton Roads while working in Richmond.
They originally considered developing in Virginia Beach but were won over to Norfolk when Rick Henn of the city’s department of economic development gave them a tour of newly opened downtown restaurants.
“Norfolk has done a tremendous job with its downtown redevelopment,” Daniel said. “It’s the most attractive downtown for a midsized market in the South. “People want to live close to the kind of attractions in downtown Norfolk.’’
Hanchrow said high apartment occupancy rates and demand for housing in Ghent also made Norfolk attractive.
“The proximity to downtown, to the medical center and Old Dominion makes this a location that we believe works well for a high-end apartment location,” he said.
Land must be rezoned and plans approved by the Design Review Committee, the Planning Commission and the City Council.
But a positive preliminary review of designs by the Planning Commission last month hinted that the project will pass those hurdles.
“It has a great feel, a great urban look,” Planning Commission chairwoman Barbara Zoby said.
Daniel and Hanchrow met last summer with Ray Gindroz, the city’s design guru, who suggested small changes in the design. The apartment-building plans call for four stories attached to a 444-space parking garage.
Plans for the four-story condominium complex, which would be located on the northern half of the Mary Jane site, aren’t complete, and no timeline is set for construction.
Because the apartments will be managed by an in-house management arm – Bristol Residence Services – Fraim said Bristol may develop other projects in the city.
“There are economies of scale associated with managing several projects in the same city,” Fraim said. “They are looking at some smaller sites.’’