Eagle Construction of VA has completed its first house at The Blufftons, a 29-home subdivision with half-acre lots and seven-figure homes it’s building on spec.
A preliminary proposal filed with Goochland County shows a subdivision of as many as 119 houses at the intersection of Patterson Avenue and River Road.
Construction firm Katerra’s bankruptcy filing won’t stall apartment projects
Photos by Jonathan Spiers)
Two apartment developments on opposite sides of the river will remain active and on schedule despite their general contractor’s recent bankruptcy filing, the developer behind those projects said this week.
Tennessee-based Bristol Development Group said it is continuing on with its Artistry at Winterfield and Tapestry West apartments amid the Chapter 11 filing from Katerra, the construction company it enlisted for both Richmond-area projects.
California-based Katerra made the filing Sunday after it was unable to procure bonding for projects following the insolvency proceedings of former lender Greensill Capital, according to media reports. A statement on Katerra’s website also attributed the filing to industry impacts from the pandemic and unsuccessful attempts to secure additional capital.
Newly built Northside apartment complex sells to local buyer for $84M
Courtesy of Colliers)
In their second such deal in as many years, a local real estate firm has picked up a Tennessee-based builder’s latest apartment development in the Richmond market.
Bristol Development Group sold its 301-unit Canopy at Ginter Park apartments for $83.75 million to Capital Square, the Innsbrook-based firm that just over a year ago bought Bristol’s 2000 West Creek apartments in Goochland County.
The Canopy sale closed Dec. 30, with Colliers’ Mid-Atlantic Multifamily Advisory Group brokering the deal. The sale price amounts to $278,239 per door, and represents a nearly $29 million windfall for Bristol, which finished the complex last spring at a cost of $55 million.