The Virginian-Pilot
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VIRGINIA BEACH
S.L. Nusbaum Realty Co. plans to build a 252-unit apartment community on the site of the former U.S. Foodservice building on Diamond Springs Road near Northampton Boulevard.
An affiliate of the developer, Spring Water LLC, recently spent $5.2 million to purchase the 183,814-square-foot warehouse on 15 acres.
The Norfolk-based real estate company plans to begin demolition work in two weeks, said Taylor Franklin, a vice president for multifamily development at S.L. Nusbaum. Construction on the apartment community is to begin in May, he said.
The complex, to be called Spring Water Apartments, will have units with rents from $1,000 to $1,500 per month, Franklin said.
The first phase is set to be completed in summer 2013, with the entire complex to be completed by the beginning of 2014, he said.
Franklin said the community will featured gated access, a swimming pool and a two-lane bowling alley.
Spring Water will be one of two apartment projects S.L. Nusbaum has in the works.
The other is a 176-unit development under construction in Chesapeake near Greenbrier Mall.
The developer began work in the fall on the Carlton at Greenbrier complex and expects to deliver the first units by this summer, Franklin said.
Josh Brown, (757) 446-2318, josh.brown@pilotonline.com
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