Dominion Diversified Real Estate Group is researching the feasibility of building 45 waterfront condominiums in Urbanna. The 3.7-acre parcel being considered is on a portion of the property of Urbanna Boatyard and Marina, sometimes known as “Urbby,” according to a prospectus from the Richmond company that is seeking investors.
The parcel being considered includes the boatyard that is off Cross Street. The marina on Watling Street is not being considered by the firm.
This week a company principal, Mike Melton, replying to questions from the Sentinel, explained the proposed condo project is in the very early stages. “Although we are very early in determining the feasibility of our concept and there are a significant number of variables that could stop the project from moving forward, we believe that a residential for sale condominium project with water views would be in demand and would be highly sought after within the Town of Urbanna.”
No agreement
Melton emphasized there is no purchase agreement with the property owners, who declined to comment for this story.
“Over the last four to five months our firm has identified two properties, one in Urbanna and one in the Gloucester Point area that could potentially be redeveloped into waterfront/water view residential, for sale condominium projects,” said Melton via email. “Currently no agreement and/or purchase contract with the landowners of either property have been negotiated or agreed to, and to move beyond strictly feasibility analysis we would need to enter into agreements with the respective landowners.”
Feasibility study
Melton said his firm is trying to determine feasibility and get investor feedback on the proposed condos. “Since both properties are not being actively marketed for sale, we felt that prior to making an offer to purchase either property or both, we would prepare and forward to a small group of investors a confidential package to assess their interest on the project,” said Melton.
“If the investor feedback is positive we would then need to negotiate and enter into agreements with the landowners on terms and conditions satisfactory to all parties,” said Melton. “Assuming the investor feedback is positive, and even if we are unable to work out agreements with the current landowners, the concept may still work on other properties within the general areas of interest.”
