Buyers plan mixed-use project at GRTC site

A new development will fill the vacant buildings in the GRTC property between the Fan and Carytown. Photos by Michael Thompson.

A new development will fill the vacant buildings in the GRTC property between the Fan and Carytown. Photos by Michael Thompson.

The vision for the Greater Richmond Transit Co.’s bus depot got a little clearer on Tuesday.

The GRTC’s board gave the green light for the organization to sell its coveted 7-acre site at 101 S. Davis Ave., also known as the bus barn, to a trio of Richmond developers who said they are planning a mixed-use project on the property.

The buyer is DKJ Richmond LLC, a joint venture between Chris Johnson and Tom Dickey of Monument Cos. and Howard Kellman of the Edison Co.

In an interview Tuesday afternoon, Johnson and Dickey said they plan to keep all nine of the site’s existing structures intact and renovate them into a mixture of mostly residential and commercial space. They total about 112,000 square feet.

Some new construction is also planned for areas near West Cary Street, Grayland Avenue and South Robinson Street.

“It’s 7 acres in a very nice part of the city,” Johnson said. “It’s hard not to get excited about the potential for a project like that.”

The developers said they will hold two public meetings in October to present more specific details on the project.

Tom Dickey (left) and Chris Johnson

Tom Dickey (left) and Chris Johnson

Dickey, Kellman and Johnson prevailed as the lead bidders in an RFP process that began in May. They will pay $9.12 million in cash for the property. They now have 60 days to close on the purchase.

Construction is expected to begin in the first quarter of 2016 and be completed in 2017.

Monument Construction, which is the construction arm of Monument Cos., will handle the work on the site. Walter Parks is the project’s architect.

They’ll take on a 112-year-old property that at one point housed horse-drawn trolleys before becoming a bus depot, Dickey said. It was actively used by GRTC until 2010.

Johnson said there were two aspects of the property that made it especially attractive: its zoning and the potential for historic tax credits. He said knowing the site wouldn’t require any special use permits to develop a mixed-use project took away a lot of uncertainty and made it “shovel-ready.”

“I think the GRTC and the city did a very good job putting the zoning in place for the property,” Johnson said. “They got more for that property because they removed uncertainty about zoning.”

Johnson said without historic tax credits, the existing structures would likely have had to be torn down.

The property has sat idle since its closure as GRTC worked on an environmental cleanup process to remove bus-related chemicals from the grounds. GRTC will complete that process, which is still ongoing, the developers said.

Most of the murals that were painted on the dormant site in recent years will be erased during the course of construction, the developers said. But some public art will likely be incorporated in the development.

Monument Cos. and the Edison Co. have at least one other joint project in the works. They’re behind the $30 million renovation of 800 E. Main St. and 7 N. Eighth St.

“We’ve worked well together,” Dickey said. “It made sense to continue the relationship with this project.”

A new development will fill the vacant buildings in the GRTC property between the Fan and Carytown. Photos by Michael Thompson.

A new development will fill the vacant buildings in the GRTC property between the Fan and Carytown. Photos by Michael Thompson.

The vision for the Greater Richmond Transit Co.’s bus depot got a little clearer on Tuesday.

The GRTC’s board gave the green light for the organization to sell its coveted 7-acre site at 101 S. Davis Ave., also known as the bus barn, to a trio of Richmond developers who said they are planning a mixed-use project on the property.

The buyer is DKJ Richmond LLC, a joint venture between Chris Johnson and Tom Dickey of Monument Cos. and Howard Kellman of the Edison Co.

In an interview Tuesday afternoon, Johnson and Dickey said they plan to keep all nine of the site’s existing structures intact and renovate them into a mixture of mostly residential and commercial space. They total about 112,000 square feet.

Some new construction is also planned for areas near West Cary Street, Grayland Avenue and South Robinson Street.

“It’s 7 acres in a very nice part of the city,” Johnson said. “It’s hard not to get excited about the potential for a project like that.”

The developers said they will hold two public meetings in October to present more specific details on the project.

Tom Dickey (left) and Chris Johnson

Tom Dickey (left) and Chris Johnson

Dickey, Kellman and Johnson prevailed as the lead bidders in an RFP process that began in May. They will pay $9.12 million in cash for the property. They now have 60 days to close on the purchase.

Construction is expected to begin in the first quarter of 2016 and be completed in 2017.

Monument Construction, which is the construction arm of Monument Cos., will handle the work on the site. Walter Parks is the project’s architect.

They’ll take on a 112-year-old property that at one point housed horse-drawn trolleys before becoming a bus depot, Dickey said. It was actively used by GRTC until 2010.

Johnson said there were two aspects of the property that made it especially attractive: its zoning and the potential for historic tax credits. He said knowing the site wouldn’t require any special use permits to develop a mixed-use project took away a lot of uncertainty and made it “shovel-ready.”

“I think the GRTC and the city did a very good job putting the zoning in place for the property,” Johnson said. “They got more for that property because they removed uncertainty about zoning.”

Johnson said without historic tax credits, the existing structures would likely have had to be torn down.

The property has sat idle since its closure as GRTC worked on an environmental cleanup process to remove bus-related chemicals from the grounds. GRTC will complete that process, which is still ongoing, the developers said.

Most of the murals that were painted on the dormant site in recent years will be erased during the course of construction, the developers said. But some public art will likely be incorporated in the development.

Monument Cos. and the Edison Co. have at least one other joint project in the works. They’re behind the $30 million renovation of 800 E. Main St. and 7 N. Eighth St.

“We’ve worked well together,” Dickey said. “It made sense to continue the relationship with this project.”

This story is for our paid subscribers only. Please become one of the thousands of BizSense Pro readers today!

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

 — 

 — 

 — 

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected].

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.

FOR ASSISTANCE WITH YOUR MEMBERSHIP PLEASE EMAIL [email protected]




Return to Homepage

Subscribe
Notify of
guest

10 Comments
oldest
newest most voted
Inline Feedbacks
View all comments
Brian Ezzelle
Brian Ezzelle
9 years ago

Excellent news about the buildings!!!

RandyReynolds
RandyReynolds
9 years ago

This should be a very nice project.

Bobby King
Bobby King
9 years ago

Very underwhelming.

Bennett Smith
Bennett Smith
9 years ago
Reply to  Bobby King

I couldn’t agree more.

Michael King
Michael King
9 years ago

Was excited to hear this news until I read: “Most of the murals that were painted on the dormant site in recent years will be erased during the course of construction”.

What a wasted opportunity to preserve some extremely cool, never to be replicated art. Hopefully, the decision to erase can be revisited.

Ethan Lindbloom
Ethan Lindbloom
9 years ago

I’m very excited to see this project move forward. However, I’ll pile on to the sentiment that I sincerely hope that the murals can be preserved.

Sarah Janeczek
Sarah Janeczek
9 years ago

The space worked so nicely for Street Art Fest. I hope they incorporate public space into the project on some level.

Sean Stilwell
Sean Stilwell
9 years ago

Everyone should google “The Source” in Denver Colorado. It’s a great reference point to what could happen here if we were in another city.

Charles Frankenhoff
Charles Frankenhoff
9 years ago

I’m excited for this project to happen, the city needs that hole filled in.

Anne Kennon
Anne Kennon
9 years ago

Part of what makes that property so interesting is the art on the walls. I can’t imagine painting over it to sterilize it. KEEP THE ART!