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1207 School Street Fully Entitled Land Site 1207 SCHOOL STREET RICHMOND, VIRGINIA LAND AREA 4.95 Acres INVESTMENT OFFERING APPROVED UNITS Divaris Real Estate is pleased to present the opportunity to acquire a development site strategically positioned in a rapidly growing area of FULLY ENTITLED LAND SITE 200 Richmond, Virginia. 1207 School Street is conveniently located with- PROPOSED 200-UNIT APARTMENT DEVELOPMENT in walking distance of Virginia Commonwealth University and Virginia ZONING Union University, and is minutes from downtown Richmond. The site B-7 Mixed Use has excellent access from Interstate 64 and Interstate 95. HARRISON HALL 1207 School Street is Fully Zoned and Entitled for up to 200 apartment (804) 814-5299 CELL units. The development is well suited for Market Rate Apartments, [email protected] Student Housing, Work Force Housing or LIHTC Housing. PETER VICK (804) 814-9977 [email protected] Divaris Real Estate Inc. 200 S 10th Street #1010 Richmond, VA 23219 www.divaris.com | (804) 643-4700 1207 SCHOOL STREET 1207 SCHOOL STREET | RICHMOND, VIRGINIA | DIVARIS REAL ESTATE INC. TABLE OF CONTENTS BROAD STREET CORRIDOR AERIALS EXECUTIVE SUMMARY MARKET OVERVIEW MARKET COMPARABLES NEIGHBORING CAMPUSES SITE PLANS 1207 SCHOOL STREET | RICHMOND, VIRGINIA | DIVARIS REAL ESTATE INC. BROAD STREET CORRIDOR AERIAL | 1207 SCHOOL STREET 1207 SCHOOL STREET | RICHMOND, VIRGINIA | DIVARIS REAL ESTATE INC. BROAD STREET CORRIDOR AERIAL | 1207 SCHOOL STREET 1207 SCHOOL STREET | RICHMOND, VIRGINIA | DIVARIS REAL ESTATE INC. EXECUTIVE SUMMARY | 1207 SCHOOL STREET • 1207 School Street is strategically located within walking distance of Virginia Commonwealth University and Virginia Union University. Its frontage on Interstate 95/64 make it a signature site in the City of Richmond. The site consists of 4.95 acres and is currently zoned B-7 Mixed Use and is approved for up to 200 multifamily units. • In addition to the industrial tenants currently operating on the site, there is a cell tower leased by Crown Castle International (NYSE: CCI) generating $19,248.00 in annual rent and two billboards leased by Lamar Advertising Company (Nasdaq: LAMR) facing the Interstate 95/64 generating $22,896.00 in annual rent (billboards may need to be removed based on existing site plan). • Urban Land Institute’s study from June 2, 2017 lists Richmond, VA as the #2 ranked city in the Country for Millennials to move. Many large employers, such as Costar that brought 730 jobs to Richmond in 2016, are choosing to relocate from larger cities based on Richmond’s high quality of life, culture, cost of living and proximity to other major markets. Richmond is also the proud home to six Fortune 500 Companies which per capita puts Richmond as the home to more Fortune 500 Companies than any other city. The Richmond MSA population is still on the rise and projected to increase above the current population of 1.3 million residents by 0.9% annually, increasing the population by 63,400 residents by 2020. Richmond unemployment rate is below the National Average at 3.9% with an annual job growth of 1.53%. Future job growth is projected over the next ten years at 38.45%. • 1207 School Street offers a developer who is already active in the Richmond market, or a developer who is looking to break into the Rich- mond market, an opportunity in an emerging submarket with proximity to many great employers and easy access to VCU, VUU, The Fan, The Boulevard Corridor and Richmond’s CBD. 1207 SCHOOL STREET | RICHMOND, VIRGINIA | DIVARIS REAL ESTATE INC. MARKET OVERVIEW | 1207 SCHOOL STREET METRO CHESTERFIELD (COUNTY) 333,500 The Richmond metro is composed of 13 counties and four cities POPULATION GROWTH in central Virginia, including the city of Richmond. The largest RICHMOND IS RANKED #9 WITH +850K IN THE MSA populations in the metro are concentrated in Chesterfield and HENRICO (COUNTY) 322,900 POPULATION FORECAST FOR PROJECTED ABSOLUTE POPULATION GROWTH FROM 2013-2030. THE #1 Henrico counties, followed by the city of Richmond itself. The MSA IN THE NATION IN TERMS OF THE HIGHEST popultion of the Richmond metro is expected to grow by 0.9 RICHMOND (CITY) 223,300 PROJECTED PERCENTAGE GROWTH OVER THIS 17 percent annually through 2020. Richmond is said to having YEAR PERIOD IS RICHMOND, VIRGINIA (+68.4%). among the most milennials per capital in the couintry. HANOVER (COUNTY) 102,800 DEMOGRAPHICS The population of the Richmond metro, at nearly 1.3 million residents, has grown sig- nificantly in the past couple of decades. Through 2020, the population is expected to ROBUST WHITE-COLLAR ECONOMY grow by 0.9 percent annually, a rate which will add 63,400 residents during this period. THE METRO IS A MAJOR PLAYER IN THE GOVERNMENT, As a whole, the population of Richmond is slightly older than that of the nation, registering FINANCIAL AND LEGAL SERVICES INDUSTRIES a median age of 38.2 compared with the U.S. median of 37.5 years. This trend stems primarily from the heavy concentration of individuals in the 45- to 64-year-old age brack- et. In fact, residents older than 65 are expected to post the largest growth of any single ACCELERATING EMPLOYMENT EXPANSION age group through 2020. Growth in this segment will benefit the region’s healthcare EMPLOYERS IN RICHMOND ARE FORECAST TO CREATE 57,600 industry and attract younger employees seeking to replace their retiring predecessors. JOBS BY 2020. Higher incomes have allowed 65.8 percent of residents to own their own homes. In the next five years, the median household income is expected to grow by 3.2 percent each year, while the metro’s median home price will appreciate at 3.0 percent annually. This trend will likely provide a boost to homeownership levels. ECONOMY Richmond’s economy is primarily driven by law, finance, and government, with federal, state, and local governmental agencies, as well as notable legal and banking firms, located in the downtown area. A number of nationally recognized banks and financial institutions are headquartered in Richmond, and the metro is home to the Federal Reserve Bank of Richmond. Additionally, many of the nation’s top advertisers and marketing firms are based in the area, thanks in part to Virginia Commonwealth University’s Brandcenter, which boasts the top-ranking advertising graduate program in the United States. Law and legal services are another major component of the metro’s local economy. The city of Richmond is home to five of the largest legal firms in the world, each of which handles cases at the national and international level. Along with these various white-collar services sectors, the metro also hosts a growing concentration of biotechnology and pharmaceutical firms. Richmond’s Virginia BioTechnology Research Park has been instrumental in attracting these industries. 1207 SCHOOL STREET | RICHMOND, VIRGINIA | DIVARIS REAL ESTATE INC. MARKET OVERVIEW | 1207 SCHOOL STREET TRANSPORTAION Richmond serves as an important junction of multiple interstate highways. The north-south Interstates 85 and 95, as well as east-west I-64, come together in the metro, in addition to a number of U.S. highways. Local transit is operated by the Greater Richmond Transit Company (GRTC). GRTC provides a public bus system that serves the city of Richmond along with Chesterfield and Henrico counties. An exciting new addition to Richmond and Henrico County’s transit system is GRTC Pulse. Currently under construction, GRTC Pulse is a modern, high quality, high capacity rapid transit system that will serve a 7.6 mile route along Broad Street and Main Street, from Rocketts landing in the City of Richmond to Willow Lawn in THE RICHMOND METRO IS: Henrico County. 110 MILES FROM WASHINGTON, D.C. 160 MILES FROM RALEIGH AIRPORTS MAJOR ROADWAYS INTERSTATES 64, 85, 95 AND 295 RICHMOND INTERNATIONAL AIRPORT 250 MILES FROM PHILADELPHIA U.S. HIGHWAYS 1, 33, 60, 250, 301 AND 260 330 MILES FROM NEW YORK CITY 530 MILES FROM ATLANTA RAIL PORT FREIGHT – CSX AND NORFOLK SOUTHERN PORT OF RICHMOND PASSENGER – AMTRAK AND VIRGINIA RAILWAYS 1207 SCHOOL STREET | RICHMOND, VIRGINIA | DIVARIS REAL ESTATE INC. MARKET OVERVIEW | 1207 SCHOOL STREET QUALITY OF LIFE THE RICHMOND METRO OFFERS A PLENTIFUL ARRAY OF CULTURAL, HISTORICAL AND RECREATIONAL ENTERTAINMENT OPTIONS. THE METRO IS HOME TO A THRIVING MUSIC AND ARTS SCENE, AND THE CITY OF RICHMOND ALSO HOSTS A VARIETY OF MUSEUMS. Between Richmond’s role in the colonial era and its position during the American Civil War, the metro boasts a milieu of historical sights. From Civil War battlefields to the Virginia State Capitol, designed by Thomas Jefferson himself, the metro has more than enough to pique the interest of history enthusiasts. At the same time, the Virginia Museum of Fine Arts, Virginia Holocaust Museum, Museum of the Confed- eracy and Science Museum of Virginia comprise just The city of Richmond contains more than 1,500 acres of municipal parks, and many residents a portion of the metro’s developed museum culture. spend the warmer months along the James River. Many residents devote their loyalties to The Richmond Ballet, Richmond Symphony, Virginia the Washington, D.C., sports market, including the NFL’s Washington Redskins and MLB’s Opera and various independent performing compa- Washington Nationals. nies hold performances in the metro. EMPLOYERS EMPLOYMENT IN RICHMOND IS PROVIDED BY A VARIETY OF FIRMS THAT REPRESENT A RICH MIX OF SMALL BUSINESSES AND COMPANIES WITH BOTH NATIONAL AND INTERNATIONAL REACH. The metro is home to the corporate headquarters of six Fortune 500 companies: Altria Group, CarMax, Owens & Minor, Dominion Resources, MeadWestvaco and Genworth Financial. Other major employers in the region’s robust financial sector include CapitalOne, Sun Trust Banks, Wells Fargo, Bank of America and Markel. Other Fortune 500 companies, while not headquartered in the area, do have a major presence, including: SunTrust Bank, Capital One Financial Corporation, McKesson.
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