Posted on 11/18/2021 by Jonathan Spiers at Richmond BizSense
A pair of recent land deals are setting the stage for a mixed-use development of a longtime industrial site along Hermitage Road.
An entity tied to The Breeden Co. closed this month on its purchase of the Cobb Lumber site at 2300 Hermitage Road, where the Virginia Beach-based developer is planning a new-construction project that would include a new headquarters for its Richmond-based construction arm, Breeden Construction.
The entity, Duplex Station LLC, paid $3.2 million for the nearly 2-acre property in a deal that closed Nov. 8. City property records show the site was most recently assessed at $1.42 million.
The seller was Foundry Associates, an entity owned by Steven Clifton and Garland Clay. Clifton is president of Cobb Lumber, which has operated there since 1990. Records show that they paid $260,000 for the property, which is on the west side of Hermitage between the railroad tracks and the Richmond Ambulance Authority property.
Breeden also is buying a sliver of RAA’s property at 2400 Hermitage Road for the project. Last month, the Richmond City Council approved a surplus designation and TOD-1 zoning for the 0.17-acre portion, which the city agreed to sell to affiliate Breeden Investment Properties for $110,250.
Duplex Station LLC is a reference to Breeden’s project, named “Duplex Station on Hermitage.” The six-story building, which would replace the property’s existing structures and fill the entire triangular-shaped site, is planned for 142 apartments and 24,000 square feet of commercial space that would house Breeden Construction.