A 166-unit apartment complex is being planned for a site at West Broad Street and Summit Avenue where a former SunTrust Bank branch building is located and a brewery was once proposed.
The development would be called The Summit, said Eric Phipps of SNP Properties, speaking Wednesday at a general membership meeting of the Scott’s Addition Boulevard Association. Phipps and business partner Bryan Smith provided details of the proposed project, which they hope to start construction on this fall.
The development would include about 8,500 square feet of commercial space on the first level and would have on-site tenant parking and additional parking spaces in a lot across the street for the development’s commercial tenants.
Phipps said 80 percent of the units will be one bedroom, with about 700 square feet per unit.
The proposed 166-unit apartment building would be C-shaped with amenities, such as a pool, in an interior courtyard.
“We’re building on the entire space, and I believe it’s eight-tenths of an acre,” Phipps said.
The property is already zoned for the proposed use. Asked if the development would stress an already tight parking situation, Phipps said the developers were “very aware of the parking issues in Scott’s Addition.”
“That’s why we pushed to get as much parking as we possibly fit on the site that made economic sense,” said Phipps, who declined to give an estimated cost of the project.
Phipps said a decision has not been made on whether to include an affordable housing component in the project.
Construction is expected to take approximately 18 months, with the first units opening in early 2020.
Walter Parks of Walter Parks Architects is designing the building.
Different developers two years ago had proposed building a brewery on the parcel, which city records indicate is owned by Summitbrew LLC.
Richmond entrepreneurs Jay Shah and Joel Gilbert had detailed plans to convert the former SunTrust branch building at 3022 W. Broad St. into Statement Brewing Co. Their plan back then was to renovate the 10,000-square-foot bank building into space for a restaurant and a brewery producing 10 to 12 beers.
Phipps said his company is under contract to buy the Summitbrew parcels, which include a lot across Summit Avenue now used for parking. They also plan to purchase an adjacent parcel at 3012 W. Broad St. owned by Cat Pants LLC. A yellow office building is on the Cat Pants parcel.
Phipps’ SNP Properties is the same group developing the 166-unit Marshall at City Center apartment complex under construction on West Marshall Street near the Greater Richmond Convention Center.
The Summit would be a block from the former Quality Inn and Suites at 3200 W. Broad St., which the Better Housing Coalition bought in September 2016 for $5.9 million with plans to redevelop the entire block into a mixed-income apartment complex. New construction would go up along the side streets and West Marshall Street for a total of 175 to 225 apartments.
But that project was entangled in a legal dispute last year that pitted a local developer against the housing nonprofit and halted the planned redevelopment. The legal issue was resolved this year.
The housing coalition has since been weighing what to do with the property — to go forward with the project or pursue other options, such as a joint venture with a developer or sell the property, said Greta Harris, the group’s president and CEO.
“We’re actively working to dispose of the property sometime later on this year,” Harris said Wednesday.