The three-building, 7.4-acre former West Broad Street headquarters of the Department of Game and Inland Fisheries is now in the hands of an out-of-town developer.
Virginia Beach-based Kotarides Developers paid $5.1 million to purchase DGIF’s former campus which spans 3900-4016 W. Broad St. The March 31 deal comes about five months after Kotarides filed a plan of development for the site that included tearing down the existing 64,000 square of office space and replacing it with as many as 238 apartments and retail space.
Kotarides did not return a request for comment by press time.
DGIF executive director Bob Duncan confirmed the deal.
“I’ve been working on this project for a long time,” Duncan said. “The sale is very good for us.”
The proceeds from the sale will go back to DGIF, which funds the bulk of its operations through the sale of hunting licenses and boating registrations.
Divaris Real Estate had the listing on the Broad Street properties, which were most recently assessed at a combined $5 million.
Kotarides plans for the site, dubbed Belmont Apartments, called for building a four-story, 51,000-square-foot building and another four-story, 11,9000-square-foot building with ground level parking. It did not indicate how much commercial space may be available.
The deal is part of a long moving process for DGIF that began when the agency bought 14.5 acres in Hanover County’s Northlake development in early 2013. It had planned to build a new 45,000-square-foot, $10 million facility for the site. That idea was scrapped and the agency eventually moved its headquarters to the 89,000-square-foot Villa Park III building in Henrico, for which it paid $8.5 million.
DGIF still owns the land in Hanover County and Duncan said it is for sale.
Around the corner from DGIF’s Villa Park III home, another property just sold in another $8 million deal. The office and warehouse space at 8040 Villa Park Drive was purchased this month for $8.14 million, according to county records.
The 76,000-square-foot property was purchased by 8040 Villa Park LLC. The seller was Villa Park I LLC, a Maryland based company that paid $4.3 million for the property in 2011.
The property’s new owner is represented by Korinna Katharos of Maryland-based Kappa Construction. She said there were no “significant plans” for the site and declined to comment further on the deal.
The property’s tenants include 8040 Villa Park Drive is home to LabCorp, Technology Integration Group and Baptist Theological Seminary at Richmond.