Author: Christopher Anthony

Posted on April 27, 2022 by Kristin Hiller in Development, Multifamily, Retail, Southeast,Top Stories, Virginia

Named Attain at Spotsylvania Towne Centre, the apartment project will replace a former Sears anchor store at the mall.

FREDERICKSBURG, VA. — Bonaventure, in partnership with Cafaro Properties, has broken ground on Attain at Spotsylvania Towne Centre in Fredericksburg, located approximately 55 miles southwest of Washington, D.C. and 50 miles north of Richmond.

The 271-unit, Class A apartment development will replace a former Sears anchor store that closed in early 2020, furthering the revitalization of the Spotsylvania Towne Centre mall.

The apartment project will include amenities such as a resort-style pool, artificial turf recreation area, outdoor kitchen, clubhouse, business center and fitness center.

According to Bonaventure, the development of Attain is projected to create 388 new construction-related jobs and generate more than $1.1 million in real estate and other tax revenues annually. A timeline for completion and construction costs were not provided.

“As an experienced local developer that owns its assets for the long term, we are committed to delivering a rental housing experience that combines best-in-class architecture, amenities and service,” says Dwight Dunton, founder and CEO of Bonaventure. “We look forward to contributing both to Fredericksburg’s housing supply and the renaissance of this well-located property.”
Owned by Cafaro Co., Spotsylvania Towne Centre is home to numerous retailers and restaurants. Early last year, the Spotsylvania Board of Supervisors approved a request for 4.8 acres of the property to be rezoned from commercial to mixed-use, paving the way for the apartments to be built. The 1.3 million-square-foot mall first opened in 1980 and underwent a renovation project in 2009.

Alexandria, Va.-based Bonaventure is an integrated alternative asset management firm specializing in multifamily design, development, construction, investment and property management. The company manages more than 6,000 apartment units across 31 communities located primarily in the Mid-Atlantic and Southeast.

Cafaro is a retail developer based in Niles, Ohio. The firm has developed more than 30 million square feet across 14 states. Cafaro’s current portfolio encompasses over 50 properties.

— Kristin Hiller

By Jeffrey Steele
April 27, 2022

The 271-unit building is taking shape on the site of a former Sears store.

Rendering of Attain at Spotsylvania Towne Centre. Image courtesy of Bonaventure.
Alternative asset manager Bonaventure has broken ground on Attain at Spotsylvania Towne Centre in Fredericksburg, Va. The 271-unit luxury apartment community will replace the shopping mall’s shuttered Sears store.

Bonaventure partnered with mall owner Cafaro Properties to repurpose the mall, which is one of Fredericksburg’s largest retail shopping centers.

The project’s completion is expected in two years, with first move-ins to take place in 18 months. The project’s total cost is projected to be $61.5 million, according to the announcement. Average rent across one-, two- and three-bedroom units at the development is expected to be $1,973.
The property’s residences will feature upscale interior design and state-of-the-art appliances, according to Bonaventure. An artificial turf recreational area will be among the amenities offered to residents.

Behind the project
“The project started out six years ago, when I drove by and saw a giant banner saying, ‘Land Available,’” Bonaventure founder and CEO Dwight Dunton told Multi-Housing News.
“First challenge was deciding what jurisdiction we wanted to build in,” Dunton said. “The mall footprint falls within both the city of Fredericksburg and the county of Spotsylvania. Depending on where we placed the property, we were dealing with differing zoning ordinances.”

Another obstacle Dunton encountered was the usable area’s small size. “While there were many acres of land available, when you overlaid the constraints—existing parking requirements for mall tenants, underground utilities like storm sewer and water crisscrossing the parcel—what remained was a very small envelope of about five acres to build on,” he said.

Looking forward, Dunton expects the most daunting hurdle will be the same one most projects face in the current economic climate: Procurement of materials and labor in an orderly manner at prices that can be forecast. “We got a head start on that, because we have our own internal general contracting firm,” Dunton said.

Attain at Spotsylvania Towne Centre’s development is expected to create 388 new construction-related jobs, while also producing more than $1.1 million in real estate and other tax revenues per annum. Last month, Bonaventure partnered with SNP Properties to acquire a stake in Vida East at Church Hill, an apartment community in Richmond, Va.