Two months after scrapping plans for a major downtown office tower, Dominion Energy has decided to sell its Fan real estate holdings in one of the largest commercial listings in the neighborhood in recent years.
The utility giant last week listed its properties at 2400 and 2501 Grayland Ave.
Totaling 4.6 acres along the Downtown Expressway, the site currently houses 115,000 square feet of office and garage space and surface parking lots.
Dominion spokesman Ryan Frazier said in an email last week that Dominion is selling the land as it’s evaluating its Richmond-area office needs, and that it has space for Grayland employees at its existing facilities, including its new 20-story 600 Canal Place office tower downtown.
“We believe (the Grayland Avenue) property is both accessible and attractive, and would be an excellent asset for mixed-used development in the City of Richmond,” Frazier said.
Similar office space considerations led Dominion to officially scrap plans for a twin office tower next to 600 Canal earlier this year. Its former office building on the site was imploded last year, leaving an empty pit. Frazier said they don’t have updated plans for that site at this time.
CBRE’s Jason Hetherington, Andrew Ferguson and Chris Wallace are marketing the Grayland parcels, which were recently assessed at a combined $9.2 million, city records show. An asking price is not included in the listing.
Dominion began pondering a sale of the Grayland parcels in 2017, at which time the adjacent Cary Street Station redevelopment was nearing completion.
That project got underway in 2015 when a pair of local development firms, The Edison Co. and The Monument Cos., teamed up to buy the 7-acre city-owned property for $9 million. The $44 million renovation saw the GRTC bus depot turned into hundreds of apartments and commercial space.
The listing of the Grayland land comes about a year after Dominion listed about 12 acres of its Innsbrook campus for sale, quickly drawing the interest from a developer.
Plans are now in the works for a 360-unit apartment and townhome project on the land.