The re-development of Innsbrook, the largest office park in the Richmond metropolitan area, into a mixed-use urban district is getting closer to reality. Developer WAM Associates, led by Joe Marchetti Jr., has enlisted WVS Cos., a developer of walkable urban places such as Rocketts Landing, to develop two apartment buildings and a structured parking deck around an existing office building, reports Richmond BizSense.
Taking advantage of an Urban Mixed-Use district zoning zone enacted by Henrico County several years ago, Innslake Place would add 350 apartments and 261 structured parking spaces adjacent to an existing office building. WVS is contributing money to the project and will help guide it through Henrico’s development review process.
The vision for years has been to transform the office park into an urban district with grid streets, mixed uses and greater density. Western Henrico County is largely built out. If the county is to grow its tax base, it must build up. And Innsbrook, which has excellent Interstate highway access and is the largest employment center in the Richmond outside of downtown, is the most logical place for the county to urbanize.
While Henrico scored an economic development coup earlier this year with its big announcement of the Facebook data center, the City of Richmond has been winning the competition for office projects. Downtown is undergoing its greatest transformation in decades as big corporations, small businesses and apartment dwellers flock to downtown, Scotts Addition, and other city districts. Innsbrook has not built a new office building in years.
By itself, Innslake Place is a relatively modest project. But Henrico residents can reasonably hope that, if financially successful, the project will create a nucleus for more re-development in the Urban Mixed Use district. Once Marchetti and his partners demonstrate that there is a strong market for mixed-use development and a live-work-play lifestyle in Innsbrook — and that it’s possible to get a project through Henrico’s zoning and planning process — the floodgates will be released.There are currently no comments highlighted.