2 Acre Multi-Family Development Site in Opportunity Zone
807 Oliver Hill Way Richmond Virginia 23219
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The two-acre site at 807 Oliver Hill Way offers a developer the ability to build 500+ apartments with a stunning view of the downtown Richmond skyline. Located in the historic Shockoe Bottom neighborhood, the apartments will be in walking distance to the Virginia CommonwealthUniversity Medical Center with thousands of employees and medical students. The Virginia State Capitol, the Central Business District and the City of Richmond’s Government Center are also within walking distance. There are 80,000 employees working in the area. Numerous entertainment, dining and cultural attractions are blocks away. The site is zoned TOD-1 (Transit Oriented Development), which the City of Richmond has adapted to spur density in the development of the few remaining infill parcels in the downtown area. The parking requirements are relaxed somewhat and it also allows for taller buildings. There are also numerous public transit options in the immediate neighborhood. The City of Richmond has funded $28M in public improvements to the streets immediately surrounding the site to encourage development, improve access and further beautify the neighborhood. A 20,000 square foot warehouse with two stable tenants will provide income for the owner developer while the plans are developed. The developer who buys this property will have every box checked- favorable zoning, great location, stunning views, public transit, easy access to all major highways, amenity rich neighborhoods, and proximity to major employers.
ABOUT SHOCKOE BOTTOM
Shockoe Bottom is one of Richmond’s most historic neighborhoods. As a center for lively businesses and entertainment venues, Shockoe Bottom is home to some of Richmond’s most well-known shops and restaurants. In addition, Shockoe Bottom is also a popular residential area for those who choose an urban lifestyle where they can combine the best aspects of city-living. Richmond’s iconic Main Street Station and the 17th St Farmers Market are famous landmarks in this neighborhood. The central business district, VCU Medical Center, and VA Bio+Tech Park are also within walking distance of this neighborhood. This proximity to some of the region’s largest employers and institutions makes Shockoe Bottom a popular residential area for students and young professionals. This demand can be seen in the number of new and renovated multifamily residential units that have been constructed in the past 20 years. Historically, the area played a major role in trade throughout the 18th and 19th centuries as a shippingand commerce hub. Until the end of the American Civil War in 1865, this commerce included the human trade as Shockoe Bottom was the second largest slave trading center in the U.S. In 2007, a 15-foot, half-ton bronze sculpture named the Richmond Slavery Reconciliation Statue was unveiled as part of the Richmond Slave Trail to raise awareness and increase informational accuracy about Richmond’s role in the slave trade. This memorial sits not far from the former slave market in Shockoe Bottom.
Born and raised on a Virginia farm just outside the City of Richmond, Lory Markham has always been fascinated by settlement patterns and how urban growth happens. Her professional history, market knowledge, and passion for making places better equip her to work toward the continued growth of Richmond.
Lory graduated summa cum laude from Hollins University and earned her MA in Urban and Environmental Planning at the University of Virginia’s School of Architecture. After two years at the Richmond Regional Planning District Commission, she continued her public service at the City of Richmond. As Principal Planner for the City of Richmond, Lory served as Secretary to the city’s Planning Commission and managed the review of all development projects in the City that needed special approval. Her contributions to development in the City were recognized in her selection as a “Top 40 Under 40” by Style Weekly.
After over a decade of experience in with the City of Richmond, Lory started a planning consulting company, Markham Planning, and joined One South Commercial as a commercial agent. Her extensive knowledge of the Richmond market, zoning and development review process, historic tax credits, and neighborhood development has made her a prominent figure in the Richmond real estate market. And her focus remains in making places better and maximizing their potential.
Tom Rosman has been brokering investment real estate since the early 1990’s in the Richmond, VA, metro area. He has brought hundreds of transactions to a successful conclusion, including large apartment complexes, apartment buildings in historic neighborhoods, office buildings, retail properties, mixed use buildings, and numerous historic adaptive reuse properties.
Tom was one of the first brokers to recognize the transformative changes occurring in many of Richmond’s most architecturally significant but ignored neighborhoods. Having helped place many of the warehouses and other commercial structures in the hands of Richmond’s development community, Tom’s belief in what a property should be was never compromised by the condition it was in.
DISCLAIMER: This offering memorandum is intended as a reference for prospective purchasers in the evaluation of the property and its suitability for investment. Neither One South Commercial nor Seller make any representations or warranties with respect to the accuracy or completeness of the materials contained in the offering memorandum. Prospective purchasers should evaluate the property independently and rely solely on such independent evaluation in determining whether to purchase the property. The offering memorandum, pricing, and terms therein are subject to change or withdrawal at the discretion of Seller and One South Commercial, as Seller’s exclusive representative. *Information provided deemed reliable but not guaranteed
