8 Parcel Redevelopment - Troy Hill/Spring Garden - $1.0MM
Land | 0.77 acres
Marketing description
This opportunity represents a highly optimized, dual-density urban infill development with a total potential yield of up to 79 new residential units across the two near/contiguous parcels.
The project offers the ultimate flexibility by allowing two distinct product types to mitigate risk while achieving maximum density within all legal constraints.
High-Value Apartment Development (0.53-acre NDI): The larger two parcels are zoned for a maximum of 67 apartment units and is poised for a vertical, 3-story design with tuck-under parking, maximizing the site’s 2:1 Floor Area Ratio (FAR).
Fee-Simple Townhome Row (0.24-acre R-1A-VH): The adjacent residential land is perfectly suited for a high-end row of 10 fee-simple townhomes (18 feet wide) or 12 fee-simple townhomes (15 feet wide), utilizing recent zoning reforms to create highly desirable, individually-owned units that anchor the new development.
The project offers the ultimate flexibility by allowing two distinct product types to mitigate risk while achieving maximum density within all legal constraints.
Investment highlights
Dual Pathway Investment Flexibility
The site offers a critical advantage for managing development risk through a flexible arrangement on the existing industrial structure (parcel 24-F-222):
Path 1: Immediate Development (Termination)
The existing cabinetry business is prepared to terminate its lease based on terms and a timeline agreeable to the new Buyer.
Path 2: Cash-Flowing Land Bank (Continuation)
The business would agree to continue operations and pay rent under a new lease, providing the Buyer with immediate in-place cash flow while development plans, permitting, and financing are finalized.
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