Generational Development Property, Watkins Centre, Hits The Market

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Aug 06, 2018, 10:50 ET

RICHMOND, Va., Aug. 6, 2018 /PRNewswire/ -- Commonwealth Commercial Partners is pleased to announce the award of brokerage services for Watkins Centre, a 285± acre tract slated for mixed-use development opportunities, located on Route 60, directly southwest of its intersection with Route 288. The property will be represented by a team of brokers to include: Bill Barnett, Joe Buhrman, Jamie Galanti, Chris Jenkins, Michael Morris, Nate Krey, and Eliza Izard.

Owned by Watkins Land, LLC, this tract is an integral part of the larger 786-acre Watkins Centre development, which includes Westchester Commons, across Route 60 from the property, and Bon Secours, PIEtech and The Pearl at Watkins Centre which are directly adjacent to the property. The tract is zoned for a mix of office space, light industrial, medical clinic, a maximum of 450 multi-family residential units, community/neighborhood business uses, and recreational amenities. The intent is to allow the market to create a true mixed-use development, with an appropriate mix of residential, retail and office.

Bill Barnett, Senior Vice President and Partner of Commonwealth Commercial, remarked, "The Watkins Centre community is destined to be the strategic Downtown of Midlothian. Chesterfield County has just expanded permitted uses to include multifamily, retail/entertainment, hospitality and office in a walkable setting. This presents an exciting opportunity for businesses that may not have considered this area before now. Chesterfield County as a whole will benefit for decades to come."

"Watkins Land is particularly enthusiastic about the relationship with Commonwealth Commercial and their goal of a coordinated plan of development for the balance of Watkins Centre," commented John Watkins, manager for Watkins Land LLC, which owns Watkins Centre. "They have a team of professionals that bring experience in all facets of industrial, commercial, retail and entertainment development. This, coupled with the remaining land available and its superior location, makes Watkins Centre the 'Place To Be' in Chesterfield County, Virginia."

Charlottesville-based Castle Development Partners has a portion of the land under contract with plans to construct a $90 million, 450-unit apartment project along Watkins Centre Parkway. "We believe Watkins Centre has enormous potential to become a true mixed-use development with regional employment opportunities, local shops and restaurants, as well as a luxury residential community," said Andy McGinty, Principal of Castle Development Partners. "The location of the property and the timing of these projects couldn't be better. We are very excited to be a part of the ongoing growth and development of this submarket."

This project joins a large pipeline of residential projects proposed in the immediate area, with over 2,000 apartments proposed or under construction in the Midlothian corridor. The growing labor force in the immediate area and the limited office space supply suggests strong fundamentals for new office construction. Coupled with the nearby River City Sportsplex, which hosts national lacrosse, field hockey and soccer tournaments on an annual basis, and the proposed 105-acre waterpark, there is an exceptional opportunity for hospitality and retail as well. Watkins Centre has excellent road frontage to Route 60 and quick access to Route 288, which allows for significant visibility. It is ideally situated in the submarket of Midlothian with the highest per capita income in the Richmond MSA.

For additional information on the proposed development, such as site plans, allowed uses, and up to date project information, visit WatkinsCentreProperty.com.

About Commonwealth Commercial Partners, LLC
Founded in 1996, Commonwealth Commercial is a leading full-service commercial real estate firm headquartered in Richmond, VA, with offices in Hampton Roads VA, Nashville TN, Jacksonville FL, Tampa FL, Greensboro NC, Charlotte NC, Raleigh/Durham NC, Greenville SC, Houston TX, Reading PA and Kansas City MO. The company provides demonstrated expertise in the areas of leasing, purchasing, selling, developing, consulting, property management and asset management services. To learn more, visit www.commonwealthcommercial.com.