CHESTERFIELD COUNTY, VA - Stanley Martin Homes has scooped up the rest of the land needed for its residential project to replace an aging shopping center in Chesterfield. The Reston-based homebuilder paid $8.1 million to purchase the bulk of Rockwood Square shopping center at the corner of Hull Street and Courthouse roads. It bought the 12.4-acre site from an entity tied to Gary Modjeska of Maryland-based Area Properties LLC last week. Read F. Goode, Jr. of Divaris Real Estate, who represented Stanley Martin in the deal, confirmed the sale Monday. The acreage, comprising five parcels including 10165 Hull Street Road, consists of the center’s main retail strip and parking areas. The center’s outparcels, where companies like Starbucks and McDonald’s have outposts, weren’t part of the deal. The assemblage that changed hands was most recently assessed at $3.5 million, according to county land records. The deal gives Stanley Martin full control of the 25-acre overall project site for its future 322-unit residential redevelopment of the property after the company paid $2.5 million for the adjacent Rockwood Golf Park earlier this year. The development is planned to consist of 236 two-over-two condos and 86 townhomes. Condos are anticipated to come in both 1,600-square-foot and 2,350-square-foot configurations, while townhomes are expected to be around 2,000 square feet. All units at the development are planned to be for sale, and likely start in the low- to mid-$300,000s. A general contractor hasn’t been selected for the project. Stanley Martin is handling architectural design for the project in-house. #ESCROWCREDIRT Newmark Title Services
