VIRGINIA BEACH – The Franklin Johnston Group, a real estate developer, recently bought the former location of the Virginia Beach Central Academy from the city.
The price tag: $4.5 million.
“It just closed,” said Robert “Bob” Thornton, senior vice president of the Hampton Roads office of Cushman & Wakefiled | Thalhimer, said Thursday.
Thornton noted the local developer was trying to buy the approximately 10-acre property on 273 N. Witchduck Road for several years from the city and plans to build 240 low-income housing apartments.
According to the firm’s application, in addition to six apartment buildings, the group plans to add a two-story clubhouse, three stormwater ponds, a swimming pool, dog park and tot lot.
The Franklin Johnston Group currently has three projects under construction in Virginia Beach, Thornton said.
It is not clear when construction will start and when the project is expected to be complete.
