Glenwood Farms: Potential Sale and Redevelopment 

Proposed Rezoning

Glenwood Redevelopment LLC, a partnership between Spy Rock Real Estate Group and Crescent Development, is proposing to redevelop Glenwood Farms into a mixed-income community with a variety of housing types.  

If approved, the company’s request for rezoning (REZ-2024-101034) would allow the development of 913 dwelling units through a mix of townhomes, multifamily dwellings, age-restricted dwellings and commercial uses.  

The Planning Commission is tentatively expected to consider the rezoning at its meeting on Thursday, July 11. The Board of Supervisors will consider the request after receiving the Planning Commission’s recommendation.

Background

Glenwood Farms is a 294-unit apartment community built in 1948 on 32 acres off East Laburnum Avenue, east of Mechanicsville Turnpike. The property was purchased by Apex Glenwood, LLC, of New Jersey, in 2018. 

Code violations

Since 2018, Henrico County has cited the property’s current owner with more than 340 notices of violation of the building and maintenance codes. Those notices have detailed more than 2,200 individual violations, such as electrical hazards, sewer line backups, plumbing leaks, rodent and insect infestations, broken or nonfunctioning doors and windows and repairs and other work completed without permits.

In addition, residents have been subject to illegal and retaliatory acts from the previous property management company after complaining about the condition of their unit and the property. 

Court action

In November 2023, the Henrico Circuit Court placed Glenwood Farms into a receivership at the request of the property’s lender. This action was approved based on substantial and ongoing concerns about living conditions at Glenwood Farms and the property owner’s default on its loan. A receivership allows the responsibility for operating a property to be transferred to an entity other than its owner. Currently, Glenwood Farms is being operated by a court-appointed receiver and an interim property management company. It is being marketed for sale, pending further action by the court.  

Henrico’s role & vision

The county is committed to ensuring that residents have access to housing that is safe, well-maintained and supportive of a high quality of life.    

In support of its goal, the county believes Glenwood Farms should be sold and redeveloped as a mixed-income community that offers quality housing to meet the needs of existing residents and the broader community. The new community would include affordable workforce housing and market-rate housing, with both rental and homeownership options. 

The rezoning application by Glenwood Redevelopment LLC was submitted May 16. Henrico is proposing $11 million in loans and incentives through its Economic Development Authority to support the redevelopment. 

Recognizing that redevelopment would result in some disruption, the county expects any future owner of the property to manage the project in a way that mitigates, to the extent possible, any negative impact on existing residents.  

Next steps

Glenwood Farms continues to be operated under a receivership approved by the court. No sale of the property has been authorized. At this time, the rezoning requested by Glenwood Redevelopment LLC represents only a proposal. Until a sale is authorized and a redevelopment plan is approved, Henrico expects residents will be able to continue living at Glenwood Farms as long as they remain in compliance with the terms of their lease.  

Community-based resources for residents

Virginia Career Works – Capital Region: vcwcapital.com

 
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