1005 Westover Hills Boulevard, Richmond, VA 23225 (MLS # 2615360)

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PRICE $650,000 SIZE n/a LOT SIZE 10,255 sqft Request More Info Schedule a Showing

Welcome to 1005 Westover Hills Boulevard, a rare fully entitled mixed-use development opportunity located within Richmond's rapidly evolving Westover Hills corridor. The property benefits from an approved Special Use Permit (SUP) allowing for the construction of a three-story mixed-use building featuring approximately 4,500 square feet of ground-floor commercial space and up to 12 residential units above. The approved concept includes modern architectural elevations, dedicated off-street parking, elevator access, outdoor patio areas, and prominent frontage along Westover Hills Boulevard. Positioned within the Westover Hills Neighborhood Node and designated Community Mixed-Use under the Richmond 300 Master Plan, the site is ideally suited for developers, owner-users, investors, medical office operators, and builders seeking a long-term mixed-use investment in one of Richmond's most active redevelopment corridors. The approved commercial component may accommodate a variety of commercial users, creating a flexible mixed-use environment designed to serve both the surrounding neighborhood and the broader South Richmond market. The residential component further enhances the project's long-term viability by capitalizing on continued demand for urban housing within an established and growing corridor. In addition to being offered for sale, ownership is exploring pre-leasing opportunities for the commercial component at an asking rate of $32.00/SF NNN. Securing commercial tenancy prior to construction may provide future developers with enhanced project economics, improved financing opportunities, and a clearer path toward stabilization. This offering presents a unique opportunity to acquire a development-ready asset with significantly reduced entitlement risk, allowing buyers to focus on execution rather than approvals. Whether pursued as a land acquisition, owner-user development, or long-term mixed-use investment, the property offers multiple avenues for value creation.