Springline at District 60
A 42-acre, mixed-use urban village located in Chesterfield County (Richmond), VA
January 2024
The James at Springline
Executive Summary
• Opportunity to participate in The Springline at District 60 master planned development in Richmond, VA
• The Springline at District 60 is an urban town center which will consist of a pedestrian-friendly mix of apartments, retail, restaurants, a sports complex, outdoor space, office and hotel through six separate blocks on a total of 42 acres
• Demolition is currently underway and the first phases will include: 1) a 150k sqft office building, 2) a 298-unit multifamily development with 28k sqft of ground floor retail, and a best-in-class sports / recreational type user alongside a structured parking garage with regional grocer
• Upon completion, the development will feature over 700+ residential units, 250k sqft of office space, nearly 100k sqft of ground floor retail space, alongside a premier sports / recreational center
• The Richmond MSA encompasses a growing population with more than 1.3M residents as well as a diversified economic base anchored by 8 Fortune 500 Companies and the state capital
• The project is part of a public-private partnership with the Chesterfield County Economic Development Authority (“EDA”) with public support through a reduced land price and pre-funded site-work, parking, and infrastructure expenditures
• The EDA is willing to provide significant incentives to the right partner which could be structured in a variety of creative ways. At a minimum, incentives will include prepaid infrastructure costs with utilities to the pad and free nearby structured garage parking. The EDA is open to either (1) selling the land fee simple at a discounted basis or (2) providing a ground lease and issuing 30-year public bond to fund up to $30M in construction. For the ground lease scenario, the tenant’s rent would based on a simple amortized payback of the County’s bonds over a 30-year period (with reduced rent during the initial years).
Project Location
D.C. (≈94 mi)
RIC Airport (≈10 mi)
mi)
Project Aerial
Site Plan - Current
Site Plan – Proposed Master Plan
Parcel 1 110 Townhomes w/ Garage Parking
Parcel 2 225 Resi Units / 17k SF Retail / Structured Parking
Parcel 3 Recreation Based User/ 15k-25k SF Grocer / Structured Parking
Parcel 4 400 Resi Units / 17k SF Retail / Structured Parking
Parcel 5 298 Resi Units / 28k SF Retail / Structured Parking
Parcel 6 250k SF Office Park (Phase I – 150k SF) (Phase II – 100k SF)
Parcel 7 Police Station
Note: Parcel 6 will have 150k SF in Phase I and 100k SF in Phase II.
Townhomes
Site Plan – Proposed Master Plan (Cont.)
Project Renderings
The JamesatSpringline (Multifamily PhaseI)
The JamesatSpringline (Multifamily PhaseI)
Bridge toTheBoulders OfficePark
Master Site Plan
Market Overview - Richmond
• Home to state’s capital, Richmond MSA is home to over 1.3M residents, making it the 44th largest in the country. The Property sits just outside of Richmond and within Chesterfield County, which has a population in excess of 350k.
• The Greater Richmond area boasts a diverse local economy, with 8 Fortune 500 Companies based there including: Performance Food Group, Altira, Carmax, Dominion Energy, Markel, Owens & Minor, Genworth Financial, and Arko.
Richmond Market – Primary Market Area
Source: Costar, November 2022
Note: PMA consists of the following 12 zip codes: 23113, 23114, 23221, 23225, 23226, 23229, 23230, 23233, 23235, 23236, 23238, 23294.
Richmond Market
• CoStar Group is expanding its research and technology center in Richmond, investing $460MM in two new buildings, creating a corporate campus. The Company expects to increase head count from 1,000 to 3,000 employees. There will 1,200 high-paying software jobs in the new facility.
• Chesterfield County EDA announced the acquisition of 2,400 acres in Western Chesterfield County with the intent of creating a technology village, known as the Upper Magnolia Green Technology Park, housing and public facilities. The County is in discussions with chip manufacturers to relocate to the site, creating high paying skilled manufacturing jobs.
• The Lego Group announced that it will invest over $1 Billion in a 1.7 million square foot precision manufacturing plant which will create 1,760 jobs. The to-be-built facility is located in the Meadowville Technology Park in Chesterfield County.