Richmond, Va. – May 6, 2024
It all started in the summer of 2022 when Michael Mayhew cold-knocked on Todd Walton’s door.
Walton had just sold his business, Tuckahoe Landscaping. He was staying on as a contractor for 18 months to help work through the transition, all the while keeping his eyes peeled for his next endeavor. Mayhew’s knock came at the perfect time.
Mayhew—first vice president at Commonwealth Commercial who focuses on acquisition, disposition, leasing, development, and consulting services for industrial, office, and investment clients throughout Virginia—had become aware of a piece of land in Goochland County that was partially slated for industrial development.
“I told Todd about my idea for an industrial park on the property,” says Mayhew. “Walton and his business partner, Patrick Dolan, had been looking for a project like this on a smaller scale for years. I think this was a much larger project than they could have anticipated, but they saw the value in it. They saw the fact that there is a supply side issue for these types of parcels in the market, and they took a big risk.”
Within three weeks of first talking with Mayhew, the property was under contract and the project was underway.
THE PROJECT
The 84-acre Pony Farm Industry Park property is unique in that it sits on the line between two counties.
The front 40 acres of the property borders Pony Farm in Goochland County, and the back 44 acres are in Hanover County. The property is being subdivided into 14 lots, each between 2-6 acres. The site is one property over from the existing Oilville Business Park.
“Todd and I talked for years about wanting to do something like this, but it was all about finding the right project,” says Dolan. “We knew going into this that it was going to take a lot of work, but the project fits a big need in the community for small businesses. It’s going to be very rewarding to see it come to life.”
When Dolan and Walton went under contract for the property, an extended due diligence period was factored into the equation in order to allow for the rezoning process in Hanover—an estimated nine months. About 18 months later, the rezoning passed in January 2024. Both parcels are zoned as “Heavy Industrial.”
Dolan, Walton, and Mayhew all admit that the rezoning process has been the biggest hurdle, one that they’ve learned the most from.
“Everyone told us it was going to be tough. In our first meeting with Hanover, they told us there was a less than 2% chance that they would ever rezone this,” says Dolan. “We started to have serious conversations with them, as well as neighbors to the property, about what they would need to see and what it is they’re worried about. They were very open and honest moving through the project.”
“Both county’s planning departments have been unbelievably easy to work with,” says Walton. “Hats off to them for being open to discussions and being willing to lead us down the right path towards something that ultimately got us the rezoning.”
Aside from working closely with county representatives, Walton and Dolan formed a team of individuals—whom they fondly refer to as Team I-64—who have all contributed to the project from the legal, engineering, and real estate perspectives.
“The ability to admit what you don’t know is powerful,” says Walton. “We trust Team I-64 and each of their expertises, and Michael has been a huge asset. He has been right there in all the meetings with us from the beginning. He has owned this project from day one.”
THE IMPACT
Though the Richmond area offers large-scale industrial development throughout the I-95 corridors, there is very little available for smaller businesses with the same need. A recent CoStar study found Richmond to be one of the tightest industrial markets in the nation.
“Our developers are the only ones who can make this project make sense,” says Mayhew. “A large corporate developer would look at this project for 10 seconds and be out. This is the first park of its kind that has been developed in the Richmond Metro area in over 20 years. Our goal is to bring this to market in an area that is clamoring for this type of product.”
“There is a huge need in the Richmond Region for industrial development of this size and type,” agrees Sara Worley, economic development director for Goochland County. “Goochland is honored to partner with Hanover and work with the I/64 team to bring this unique offering to the Richmond market. We are looking forward to welcoming new business opportunities into Goochland County!”
Dolan says their team has chased a need from the beginning, getting insights from peers who have been down this road before and helping inform their work and process.
“For instance, with the specific rezoning we went after, we needed to make sure we would have outdoor storage available because that was proven to be a huge need,” says Dolan.
“One of the most challenging property searches in this region is for smaller lots—about 2-5 acres—for industrial use with outdoor storage,” says Brandon Turner, director of Hanover County Economic Development. “Many of those seeking such properties are small, local businesses in need of expansion. Pony Farm Industrial Park will go a long way in addressing the need for this type of property in the Richmond market. Working with Todd, Patrick, Michael, and their team has been a pleasure, and we appreciate the collaboration our partners in Goochland County provided to help get this cross-jurisdictional industrial park approved and moving forward!”
THE TIMELINE
With the rezoning behind them, the Pony Farm Industrial Park is in development with an estimated external delivery date of the first quarter of 2025.
When it comes to prospecting for the new businesses that will call this park home, Mayhew and the team believe service contractors, HVAC groups, pipe fitters, electricians or landscaping companies (among others) are the best fit for this park—particularly because of the by-right outdoor storage ability on site.
“We’ve spent so much time looking at the project on paper, planning for what we think would be a really nice product to present,” said Walton. “I’m really looking forward to seeing everything take shape.”
For more information about the Pony Farm Industry Park or to speak with a Commonwealth Commercial team member, contact Michael Mayhew at mmayhew@commonwealthcommercial.com.
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About Commonwealth Commercial Partners, LLC
Commonwealth Commercial Partners (CCP) is a leading full-service commercial real estate firm headquartered in Richmond, Virginia with offices in Atlanta, Charlotte, Columbus, Greenville, Hampton Roads, Houston, Jacksonville, Kansas City, Minneapolis, Nashville, Norfolk, Raleigh/Durham, St. Louis, and Tampa. CCP has expertise in Commercial Sales & Leasing, Property & Asset Management, Construction Management, Hospitality Management, Project Management, Land Sales, and Forestry Consulting.
