Renovation work leads Harkins Builder's expansion in Virginia
VIRGINIA — Harkins Builders is expanding its market reach into Virginia, and renovation work is playing a significant role. The Mid-Atlantic commercial contractor has current contracts for $63 million in renovation work at five locations in Virginia, including 1,200 units of multifamily housing and a 110-unit senior living facility.
“We’ve had a significant increase in the volume of our multifamily work in Virginia over the last five years,” said John Kim, preconstruction manager at Harkins’ Tysons Corner office. “In 2010 just about 8% of our total volume was accounted for by our Virginia housing efforts. Last year the number was about 25%, and we’re projected to maintain that level this year.”
At the same time, renovation work is taking up a larger percentage of that volume. “In 2015 we are projecting that over 70% of our Virginia income will be from projects that are undergoing renovations,” said Kim.
One indicator of these trends is Harkins’ current work for longtime client Osprey Property Companies. Much of Osprey’s development work has been on Maryland’s Eastern Shore, and they are also expanding into Virginia. Harkins completed Osprey’s Riverwoods at Lake Ridge apartment community in Woodbridge, VA late last year, a new 96-unit market rate apartment project, and Harkins is currently helping Osprey renovate the 110-unit Victoria Park at Woodbridge apartments (pictured) for seniors aged 55 and up. Harkins is performing preconstruction services for Wicklow Apartments, another Osprey renovation further south in Fredericksburg, VA. A July start is expected for the 96-unit community.
Harkins director of project development Steve Rubin is encouraged by the growth of opportunity in Virginia. “Virginia has spent several billion dollars on transportation infrastructure in the past five years, and continues to see the payoff, both in the private and public sectors,” Rubin said. “With Metro’s Silver Line expansion to Dulles Airport through the Tysons corridor, and rapid growth along I-95 heading south to Richmond, the affordable and market-rate multifamily housing, senior living, and renovation sectors should provide a healthy pipeline of work for the foreseeable future.”