Would-be development heads to the block

Riverview Green gate

There’s plenty of green at the Riverview site, but not the kind developers like. (Photos by Michael Schwartz)

 

Another remnant of the housing bubble is headed to the auction block next week.

More than 100 acres that were to be the home of a development tied to Hank Wilton and Bill DuVal will be auctioned July 17 on the steps of the Henrico County Courthouse.

The subdivision was to have been called Riverview Green, and it would have sat on 107 acres in Glen Allen on Greenwood Road near Interstate 295.

That was before the recession hit and both Wilton and DuVal, saddled with too much land and overleveraged with too much debt, filed for bankruptcy.

WilVal LLC, an entity Wilton and DuVal formed, owned the land, which the county most recently assessed at $5 million.

DuVal Development filed for Chapter 7 bankruptcy in October 2010, weeks after Wilton filed personal bankruptcy. Soon after, Bill DuVal filed personal bankruptcy.

Riverview Green sign

The unused construction entrance.

A message left for Wilton was not returned by press time.

BizSense was unable to reach Bill DuVal.

Riverview Green was conceived in 2005 as an age-restricted gated community with more than 200 units and featuring townhouses, duplexes, a clubhouse and a pool. Today the only occupant of the vast plot is the vegetation that has grown over since the project stalled.

Foreclosing on the property is an LLC tied to Rialto Capital Management, a Miami real estate investment firm that buys the loans on troubled properties from banks.

The original loan on Riverview Green was for $4.5 million from Alabama-based Regions Bank in 2005. Rialto, a subsidiary of national homebuilder Lennar Corp., eventually bought the loan.

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