by Dick Hall-Sizemore
In the discussion over the shortage of “affordable” housing, one could point to one company that could be considered the cause of the disappearance of a lot of the affordable housing stock in the Richmond area: Gumenick Properties.
The company has redeveloped an 80-acre tract it owned near Broad St. on the Henrico/Richmond boundary to include apartment buildings; commercial space, including restaurants and fitness centers; and a large, state-of-the-art public library (Henrico County). As reported in today’s Richmond Times-Dispatch, the company is ready to construct its third large apartment complex on the property. It will consist of 398 units, ranging from studios to three bedroom apartments. The rents for its current complexes, which have a maximum of two bedrooms, range from $1,400 to $2,700. It is reasonable to expect the three-bedroom units to exceed this maximum. Continue reading