2500-2536 N Lombardy St
Richmond, VA 23220

This property is a proposed redevelopment opportunity of 2500, 2510, 2516, 2530, 2532, 2534 & 2536 N. Lombardy Street, Richmond VA. The Property is ±1.685 acres of land improved with several to-be-demolished small one-story structures, located on the north side of N. Lombardy Street and west of VA Route 301/Chamberlayne Avenue in the Virginia Union neighborhood.  The  parcels  were  approved  for  rezoning to  Transit-Oriented  Nodal  District  (TOD-1)  on  October 10,  2023.  Conceptual  plans  prepared  by  510  Architects depict a 200-unit mixed-use development building, conceptualized  to  be  a  6-story  podium  structure  with first floor retail, parking, and five stories of for-rent apartments  including  150,  1-bedroom  units  (avg  600  ft) and  50,  2-bedroom  units  (avg  900  SF).  The  plans  also include a pool above the first-floor garage. The  property  is  walking  distance  to  VUU  (1,678  total enrollment) and Virginia Commonwealth University (25,894 total enrollment) and a wide variety of retail and restaurants. Richmond remains a strong market for the multifamily development. Market rents for new class “A” product are exceeding $2.4 psf and retail rents are $35 - $40 psf. Vacancy rates  remain below 10% with a strong demand  for  new,  amenitized  product  in  well-located neighborhoods such as Virginia Union.