GreenGate draws Homearama showcase to Short Pump
Fresh off the sale of its retail and restaurant buildings, a mixed-use development in Short Pump is preparing to put its residential section in the spotlight with the help of a local residential construction showcase.
GreenGate has been chosen to host the Richmond Homearama 2022, a change of pace for the annual single-family home event hosted by the Home Building Association of Richmond.
Where the Homearamas past took place in more traditional suburban neighborhoods defined by single-family homes, GreenGate, with its more urban-inspired townhouses and condos, was selected to reflect changing housing market trends, said Danna Markland, CEO of HBAR.
“Buyer trends are more interested in denser, more modern city life, even in suburban Richmond markets,” said Markland. “GreenGate is the perfect example. “
While the bulk of the residential section of GreenGate consists of brownstone-style townhouses and ‘two-in-two’ style condos, around two dozen lots for single-family homes line the southern edge of the development along Graham. Meadows Drive. The five houses to be built for Homearama will be among them, Markland said.
“The single-family lot configurations are out of the ordinary for the living room, which means the drawing board approach is rethinking these designer homes,” she said.
Eagle Construction of VA, the residential construction arm of developer Markel | Eagle, who built the GreenGate homes, is one of five Richmond area builders lined up to participate in Homearama, along with Biringer Builders, Covenant Building & Design, River City Custom Homes and Southern Traditions. Each company will build a house on the same street reflecting the latest construction and design trends.
Josh Goldschmidt, president of Eagle Construction, said the opportunity to host Homearama arises as GreenGate enters its residential hometretch. Construction of houses started there in 2016. Of a total of 270 plots planned, he said there were around 100 left to build or buy.
By the time the 12-day showcase takes place at the end of next year, Goldschmidt said the residential section will have around a year to reach construction.
“We felt that Homearama, with the custom builders back in this corner, was a great addition to GreenGate,” said Goldschmidt. “Often, Homearamas are made to generate interest and business in new communities, or communities that are trying to gain more traction. For us it was really just a beautiful architectural way to end a very special place.
He said home sales at GreenGate have been flat since 2016, with the first units priced from under $ 400,000 to over $ 700,000. Today, prices for ready-to-move-in townhouses start around $ 675,000, with some of the condos priced in the range of $ 450,000.
Four-level townhouses feature top-floor decks, and two-level condos are stacked on top of each other, hence the description of “two out of two.” Unit sizes range from 1,500 square feet for a two to three bedroom condo to 3,500 square feet for a three to five bedroom townhouse.
“When you think of the prices we hit, that’s pretty important,” Goldschmidt said. “The costs have gone up and everything in between. But before the pandemic, it was great. GreenGate has consistently exceeded our expectations.
Eagle delayed the start-up of the residential section until the commercial section was established – a strategy that Goldschmidt says has paid off in demand for homes.
It has also paid off for the development as a whole, as GreenGate’s retail and food service buildings, called The Row at GreenGate and comprised of several local businesses and restaurants, were sold last month as part of the move. ‘a $ 31 million deal. This followed Markel | Eagle’s sale earlier this year of GreenGate’s first medical office building for nearly $ 18 million.
“We are very happy with the success of GreenGate,” said Goldschmidt. “We are sad that each day we are drawing closer to the end. “
With Homearama, he added, “GreenGate deserves to be ended this way. I think there is going to be a real modern architectural flair in the houses.
Eagle and HBAR have held a groundbreaking ceremony where Homearama homes will be built at GreenGate. Officials from Henrico County, who are hosting the event for the second time in three years, joined the builders at the ceremony. HHHunt’s River Mill community was hosted in 2019, while last year’s event was held at Hickory Hill in Hanover.