With the massive Diamond District development in the works across the street, the aging Greyhound bus station on Arthur Ashe Boulevard is getting some renewed attention.
The station and its nearly 5-acre parcel were sold late last month to Connecticut-based hedge fund Twenty Lake Holdings.
But the new owner isn’t looking to hold onto the property for long.
Twenty Lake has already put the site up for sale as a redevelopment opportunity, according to a marketing flyer from listing broker Commonwealth Commercial.
It’s unclear what Twenty Lake paid for the property at 2910 N. Arthur Ashe Blvd., as the December sale is not reflected in the city’s property records.
The deal was confirmed by the seller, FirstGroup PLC, a U.K.-based firm that was formerly Greyhound’s parent company.
FirstGroup sold the Greyhound business to German-based FlixMobility in the fall of 2021, but held onto Greyhound’s U.S. real estate. Last September, FirstGroup announced it was planning to sell all the Greyhound real estate to Twenty Lake for a total of $140 million. The exact number of properties sold and individual sale prices were not disclosed by FirstGroup.
The Richmond Greyhound property was most recently assessed by the city at $9.1 million and is zoned TOD-1 Transit-Oriented Nodal district, which allows for up to 12 stories and a mix of uses.
The two buildings on the property – a 42,000-square-foot bus terminal and an 8,000-square-foot garage – account for $4.7 million of that value. The land makes up the remaining $4.4 million assessment.
Commonwealth Commercial’s Jim McVey, who’s handling the listing with colleagues Michael Morris and Thomas Lynde, said they’re in the process of reviewing offers for the land.
Greyhound continues to operate there, but McVey said he doesn’t anticipate the company will be there long-term.
A Greyhound spokesperson said they have “no new information on any Richmond station changes.”
The Greyhound property is surrounded by current and upcoming development.
Right across the street is the 67-acre Diamond District project that’s scheduled to begin this year. To the south is Novel Scott’s Addition, a 272-unit apartment project from Thalhimer Realty Partners and Crescent Communities that’s currently going vertical at 2902 N. Arthur Ashe Blvd.
Farther down the block Thalhimer also recently began work on Scott’s Walk, a retail and restaurant project at 3064 N. Arthur Ashe Blvd., as well as a seven-story mixed-use apartment building at 1801 Ellen Road.
Future infrastructure may also land near the Greyhound parcel, as the city’s Richmond 300 master plan outlines the rear of the Greyhound property as a site for a pedestrian and bicycle bridge that would go over the train tracks and connect to MacTavish Avenue in Scott’s Addition’s historic district.
Though a rare occurrence, real estate can sometimes change hands without recording in public documents, namely when it’s included in corporate acquisitions or portfolio sales.
Another local example is the former TForce headquarters at 1000 Semmes Ave. in Manchester that’s set to hit the market. The Canadian trucking firm came into owning the nearly 7 acres when it acquired all of UPS Freight in 2021. UPS Freight, too, took on the land when it acquired Overnite Transportation in 2005, yet city records still show Overnite as the land’s owner, despite Overnite not existing for more than 15 years.