2500-2536 N Lombardy St

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.