Two parcels could become a “big midtown development,” says the head of economic development
Released
October 4, 2021
from
Robyn Sidersky
Two lots are being sold and could become a major development location in Richmond and Chesterfield. Courtesy of SL Nusbaum
The director of Chesterfield County’s Economic Development Bureau says the sale of nearly 250 acres of vacant lots in the county and the city of Richmond could result in “major midtown development.” The two lots are now on the market for $ 30 million and $ 49 million, respectively, according to SL Nusbaum Realty, who is handling the sale.
Parkway Crossings of Richmond – 82.5 acres in the Bon Air neighborhood of the city’s South Side – is the largest available privately owned lot in the city, priced at $ 300,000 per acre, the property company said . It was the proposed location for a $ 650 million Bally’s Corp. casino that was rejected this spring by a municipal advisory board which instead chose ONE Casino + Resort, which is now under scrutiny by Richmond voters.
The second property – 166.44 acres in Chesterfield County at the intersection of Powhite Parkway and Chippenham Parkway – is the largest privately held property near downtown Richmond, the real estate company said in a press release. It has been zoned to accommodate more than 1 million feet of office, retail, and hospitality space, as well as apartment buildings.
Garrett Hart, director of Chesterfield Economic Development, compared the country’s development potential to what Buckhead was to Atlanta and Tysons to Washington, DC
“We envision a major midtown development,” he said. “It’s going to take someone who is really big [to develop it]. It’s a significant property because it’s a large piece of land and is centrally located on the outskirts of the city and Chesterfield County. “
The property is about 15 minutes from most locations in the Richmond area, including the airport, Hart said.
“‘Location, location, location’ is the winner here in this case,” he said.
“This land has been owned by a local development investor here in Richmond for decades,” said Nathan Shor, senior vice president and regional manager at SL Nusbaum Realty. “He put these parcels together and worked with the various municipalities to plan the future development of the parcels. He has determined that now is the time to market these large parcels because of the historical development cycle we are currently in in the Greater Richmond area. “
The property was once planned and zoned as the location of a large mall called the Galleria, but that plan failed decades ago, Hart said.
Shor, Larry Agnew and Austin Newman represent the seller, Richmond-based Development Associates of Virginia LLC, registered with GSC, a real estate management company owned by Richmond-based Jonathan Perel.
In 2014, approximately 170 acres of the same property – all in Chesterfield County – was put up for sale by HMK LLC, another Perel-affiliated limited company. He had previously attempted to develop the property but encountered objections from local residents regarding wetlands and home equity. Neighbors also protested against the casino proposal earlier this year.
Hart said Monday he doesn’t think the country will be snapped up anytime soon.
“We see it as a great opportunity for really dense high story development,” he said. “Is now the right time for it? I’m not sure. Will it be right for that? Yes … the casino and because of the money that comes with it … probably made it possible sooner rather than later to carry out this style of development. “