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