The WVS Cos., developer of the Rocketts Landing riverfront community near downtown Richmond, said Thursday that its initial phase of development would end with a closeout auction of its unsold condominiums.
Twenty-five of the development’s condominiums in the Fall Line, Sky Line and 210 Rock buildings will be auctioned with minimum bids expected to range from $125,000 to $300,000.
“We see this auction punctuating the end of Phase I of our vision for Rocketts Landing,” Jason Vickers-Smith, president of Richmond-based WVS Cos. “Over the past seven years, we have succeeded in building the initial concept for this live-work-play community, with more than 260 condo and townhome residences, over 80,000 square feet of commercial offices, restaurants and more. Now, we want to pivot to the future …”
WVS hired Accelerated Marketing Partners (AMP), a residential real estate firm that specializes in sales and auctions, to auction off the units on Tuesday, May 20, at 7 p.m. at the Westin Richmond Hotel on 6631 W. Broad St. Advance registration is required and the company said financing is available for qualified buyers.
The auction information center and model homes will be open to preview beginning today on Thursdays, Fridays and Mondays from noon to 6:30 p.m., and Saturdays and Sundays from 11 a.m. to 5 p.m.
The stock includes seven one-bedroom homes ranging in size from 893 to 1,456 square feet. Minimum bids for these homes range in price from $125,000 to $200,000.
Also on the block are 18 two-bedroom units. These range in size from 1,109 to 2,188 square feet. Minimum bids range in price from $160,000 to $375,000.
Vickers-Smith announced that Phase II of the project has begun with the construction of high-end, waterfront, million-dollar townhomes. Work will continue this summer with the construction of a five-story commercial and residential building with 157 apartments.
Phase II also will complete the portion of the Virginia Capital Trail, a pedestrian and bicycle trail that lies on the property. It’s a key connector between existing tracts of the trail in the city and west through Henrico County.