A developer that builds rental housing throughout the world has filed an application with Albemarle County to rezone 36 acres of undeveloped land on Old Ivy Road for 525 units. Greystar wants to build on property to the west of the University Village retirement community and Huntington Village.
“The residences planned for the Property are proposed to be entirely for rent, at least initially, in response to a strong interest in rental properties in the area,” reads the narrative for the proposal.
In all there are five properties involved in what’s being called Old Ivy Residences, all but two of which are zoned already at the R-15 zoning category required for density. One 5.52 acre property is zoned R-1. However, there is also an application to change the status of steep slopes on the property from preserved to managed. The lands are currently owned by the Filthy Beast LLC, Father Goose LLC, and the Beyer Family Investment Partnership.
According to the narrative, there would be 77 single-family homes, 43 townhouses, 58 duplexes and 312 apartments. Again, all rental.
“Market research demonstrates a demand for single- family residences for young families, young professionals, graduate students and retirees who desire more space but are not interested in, or able to purchase a home at this stage of their lives,” the narrative continues.
An existing pond on the property would be retained and serve as open space and for stormwater management. Some of the land had been purchased by the Virginia Department of Transportation for the Western Bypass, a project that was canceled in 2014.