A rendering of one of the planned buildings. (Courtesy city documents)
Next stop for Richmond’s longtime Greyhound bus station: a potential major redevelopment.
Plans have been filed by an out-of-town developer for a two-building, mixed-use project totaling 650 apartments at the 5-acre bus depot at 2910 N. Arthur Ashe Blvd. across from The Diamond.
Split across a pair of seven-story buildings, the new project would be among the highest-density developments the city has seen in recent years. Nearly 11,000 square feet of retail space fronting Arthur Ashe Boulevard is also included in the plans.
The existing 42-year-old Greyhound bus station would be razed to make way for the new development, and it’s unclear whether Greyhound would relocate elsewhere in the region. Requests for comment sent to Greyhound went unreturned by press time.
Behind the project is Allen Investment Properties, a developer based in New York and California that, according to its website, targets “distressed or undervalued real estate” in “gateway cities and secondary markets exhibiting strong local demand and growth patterns.”
Allen’s website says it has over 2.6 million square feet of new development in the works across the country. The Arthur Ashe Boulevard project looks to be its first in Virginia. Principal Scott Allen wasn’t available for comment Thursday.
The Greyhound station totals nearly 5 acres and fronts Arthur Ashe Boulevard. (BizSense file photo)
The Greyhound station property is owned by Connecticut-based Twenty Lake Holdings, a subsidiary of hedge fund Alden Global Capital. Twenty Lake picked up the Richmond station last year in a $140 million portfolio sale for dozens of Greyhound stations throughout the country, many of which have since been either shuttered or moved, according to an Axios report.
City records show the Richmond station wound up selling to Twenty Lake for $11.1 million in a deal that closed in February. The station is still in operation.
The property was most recently assessed by the city at $11.2 million.
The redevelopment of the site would come in two phases, plans show. A 392-unit building closer to Arthur Ashe Boulevard would make up the first phase and include 10,600 square feet of retail space. The second-phase building is planned to rise behind it with 258 apartments.
Each building would reach seven stories and include a parking deck. Plans also show the development would include 659 parking spaces and 163 long-term bicycle parking spots.
Poole & Poole Architecture is listed as the project designer, and Timmons Group is the engineer.
Redevelopment of the Greyhound site has long been anticipated, particularly given its prime location. It sits directly across from the city’s $2.4 billion Diamond District project that’s planned to span 67 acres and include a new ballpark for the Richmond Flying Squirrels.
To the south of the site is Novel Scott’s Addition, another seven-story building that’s taking shape with 272 apartments. To the north is Scott’s Walk, a multibuilding development that’ll include restaurant space for operators including Toast New American Gastropub, Marco’s Pizza and Raising Cane’s, as well as a 148-unit apartment building with an HCA Healthcare emergency center.
A rendering of one of the planned buildings. (Courtesy city documents)
Next stop for Richmond’s longtime Greyhound bus station: a potential major redevelopment.
Plans have been filed by an out-of-town developer for a two-building, mixed-use project totaling 650 apartments at the 5-acre bus depot at 2910 N. Arthur Ashe Blvd. across from The Diamond.
Split across a pair of seven-story buildings, the new project would be among the highest-density developments the city has seen in recent years. Nearly 11,000 square feet of retail space fronting Arthur Ashe Boulevard is also included in the plans.
The existing 42-year-old Greyhound bus station would be razed to make way for the new development, and it’s unclear whether Greyhound would relocate elsewhere in the region. Requests for comment sent to Greyhound went unreturned by press time.
Behind the project is Allen Investment Properties, a developer based in New York and California that, according to its website, targets “distressed or undervalued real estate” in “gateway cities and secondary markets exhibiting strong local demand and growth patterns.”
Allen’s website says it has over 2.6 million square feet of new development in the works across the country. The Arthur Ashe Boulevard project looks to be its first in Virginia. Principal Scott Allen wasn’t available for comment Thursday.
The Greyhound station totals nearly 5 acres and fronts Arthur Ashe Boulevard. (BizSense file photo)
The Greyhound station property is owned by Connecticut-based Twenty Lake Holdings, a subsidiary of hedge fund Alden Global Capital. Twenty Lake picked up the Richmond station last year in a $140 million portfolio sale for dozens of Greyhound stations throughout the country, many of which have since been either shuttered or moved, according to an Axios report.
City records show the Richmond station wound up selling to Twenty Lake for $11.1 million in a deal that closed in February. The station is still in operation.
The property was most recently assessed by the city at $11.2 million.
The redevelopment of the site would come in two phases, plans show. A 392-unit building closer to Arthur Ashe Boulevard would make up the first phase and include 10,600 square feet of retail space. The second-phase building is planned to rise behind it with 258 apartments.
Each building would reach seven stories and include a parking deck. Plans also show the development would include 659 parking spaces and 163 long-term bicycle parking spots.
Poole & Poole Architecture is listed as the project designer, and Timmons Group is the engineer.
Redevelopment of the Greyhound site has long been anticipated, particularly given its prime location. It sits directly across from the city’s $2.4 billion Diamond District project that’s planned to span 67 acres and include a new ballpark for the Richmond Flying Squirrels.
To the south of the site is Novel Scott’s Addition, another seven-story building that’s taking shape with 272 apartments. To the north is Scott’s Walk, a multibuilding development that’ll include restaurant space for operators including Toast New American Gastropub, Marco’s Pizza and Raising Cane’s, as well as a 148-unit apartment building with an HCA Healthcare emergency center.
That’s a whopper of a deal. We haven’t even heard what Jason Guillot has in store for us in the Diamond District but it’s got to be coming out soon. He hinted in the article this week that he’s finding the market strong for mixed use properties.
More unaffordable apartments.
Leads to more affordable apts. Apts are a supply/demand thing. Too much demand, you pay lots for awful, too much supply for the demand, you can get much nicer digs than you deserve — I’ve seen in several times in the past where they overbuild. Basic economics says that you build the apts that you can get the most profit from and hope the industry doesn’t overbuild. The customer of course should want developers building as many apts as possible, no matter the planned pricetag and understand that newcomers that can afford an expensive apt bring better jobs to an… Read more »
Marco’s Pizza? Raising Cane’s?
“Hey y’all want to head down to the inconsequential Double-AA game early? We can stare at the sea of apartment buildings while eating chain pizza and bland chicken fingers… there’s a new ER conveniently located in case of cholesterol induced cardiac arrest or sudden pangs of overwhelming ennui and depression after realizing that we are all sentenced to exist in a renter-world managed by hedge funds”
Richmond: there’s no there, there
Disappointing that’s what we have ended up with on prime real estate.
Richmond has PLENTY of good struggling restaurants.
I was just saying the other day that it was only a matter of time before the bus station went apartment as well. And here it is. That site has an amazing transportation history that the developers should take advantage of (if they’re reading this). It was the site of the Kline Kar factory, which was Richmond’s entry into the auto manufacturing industry beginning in 1912. They used to build them there, test them on the old fairgrounds racetrack which is across the street where The Diamond is and load them directly on the trains, where the tracks still run.… Read more »
Fanciest looking factory there ever was or ever will be on that site a hundred years ago
I’ve seen a lot fancier. In the north east there are countless old mills that look like Versailles in comparison, but as far as this particular site goes, you are correct. I am not sure about VA’s long time fixation on Greek Temples though. Thomas Jefferson once told James Madison that he had to join the Big Boys and put a greek temple porch on Montpelier or else no one would take him seriously….. Madison was more the Real Deal as a person of course and such is the plight of people who are more substance than pretense — he… Read more »
Here’s the new testament to transportation history
Well, times change…. you don’t change with the times, you get left behind.
When that RE is worth more, that bldg will be torn down in a heatbeat and no one will look back. Right now, there are apparently a lot of customers for that kind of place.
Thanks for the History!
Lee Melvin states that there will be “more unaffordable apartments.” That’s not necessarily the case if you’re relocating from NOVA, California, New York or other high-cost of living areas. That’s precisely what Co-Star discovered when it came to Richmond some years ago. There were more employee transfers from NOVA then they had expected, and it because of the cost-of-living differential. The phenomenal redevelopment in Scotts Addition just shows what can take place if the private sector sees the value. The Diamond District needs to get started ASAP if it wants to be a contender, or it will take far longer… Read more »
That is true, but with many jobs in NOVA, California, New York having RTO (Return to Office) mandates that has changed the landscape her in Richmond. The vacancy rate for apartments in Q3 was at 7.6% and rising. The commute from NOVA wont make sense if you have to be in office 75-80 miles away just to save 200-300 in rent per month. Also with Apartment construction being at an all time high in the past 50 years/millennials moving back home at the highest record who will be renting these apartments?
CoStar, downtown, has just crossed 2,000 employees in Richmond and hiring continues at a brisk pace. When the campus under construction now is finished, CoStar will employ over 3,500 employees there.
I understand that they are hiring more people. That doesnt change much…the people they are hiring are already in the community more than likely they all wont be out of state hires. Therefore they will already have housing (a mortgage or 12 moth lease) therefore there is no incentive to move. Just because you switch companies doesnt mean you need a new apartment. Richmond has the highest vacancy rate within 100 miles at 7.6% for apartments for Q3 thats higher than any year the past 15 years.
Interesting, wasn’t aware of that – you’d think that rent prices would start to go back down then to something reasonable again right? Right?
Yes John they will here soon. They are already trending down month over month. Many apartment complexes are already offering 1-2 months free just to move in. Many of them cannot drop prices so sudden because of the loans from banks and because of investors. They builders took out loans based on specific rent amounts, if the banks/investors see them reducing rents it doesnt seem like a viable investment so when its time to refinance bigger issues arise. But the smaller landlords have already reduced rent if you take a look on Zillow.
Yes. Eventually. If one knew when exactly, they could make a lot money.
Yes, what a lot of people don’t seem to know is that Richmond has not been growing since the unchecked criminality in 2020, while the REGION has grown apace except for parts of Henrico.
So what you’re saying is the entire business model for these new apartment projects is built upon the idea of young people continuing to move here from distant high income areas, supplanting locals for whom the prices are out of reach. I’m no expert but I agree with Kalvin Drews, the plan seems precarious at best.
The plan is supported and approved by the gov’t, so don’t worry, the gov’t will make sure these apts. don’t end up an empty wasteland.
It’s worked though for far longer than the developers ever imagined.
Doesn’t mean that we haven’t reached an inflection point now though.
Raleigh has been doing a LOT better than Richmond recently, and it’s suburbs have been rising in price more and further away from the urban core too.
Many more NoVa/DC people have been skipping Richmond for what is seen as a better, safer capital city with better politics.
Levar Stoney is trying to further bunish his cred with the Incompetent voters for his governor’s race, so don’t expect much success with any of the developments he has his political fingers in.
Kalvin: Those relocations were for permanent jobs that for the most part weren’t covid related. A prime example is Co-Star. They are building a new office tower in Downtown Richmond. There will eventually be over a thousand NEW workers, who will need a place to live.
Correct Co-Star is building a new office. But who says that these people will need a (New) place to live? Most might already have an apartment/home in the greater Richmond region…so why would they need a (New) apartment? Or what if they have a roommate? Just because they are hiring 1,000 people doesn’t equate to 1,000 people needing an apartment. Check the amount of units available now for rent. There are thousands and plenty of complexes offering 2 months free just to attract tenants. That doesn’t happen in a bullish market for multi family.
CoStar hires a lot of brand new VCU grads as well as new grads from other regional colleges, CoStar also relocates large numbers of people to come work on the campus as it is the Global Sales and Research HQ for CoStar. By the time the campus is complete, CoStar will employ over 3,500 on the campus. CoStar also owns the old Suntrust building on Semmes which is currently filled with CoStar employees. Will they all need apartments? No, but it is a considerable piece of the puzzle of who will rent all these new apartments.
Thats great they have a few buildings and will be hiring. Im specifically talking about the unaffordable apartments and amounts that are vacant. CoStar cannot save the Richmond area. There are over 5,000 units under construction and 10,000 units planned and 30,000 units prospective for Q3 in Richmond with a current 7.6% vacancy rate which continues to climb. There is more construction than viable tenants. Thats why new apartments are offering concessions and 2 months free just to move in. This doesnt happen during a healthy market, not to mention we will be entering a recession next year. Also with… Read more »
We were supposed to enter a recession THIS year…. dude, if you can time recessions, you must be RICH.
If they are overbuilding, all the people who complain about Richmond’s moderate rents will find that they can get more for less — what’s the problem?
Shawn we are in a recession…look at the data. Look at foreclosures, bankruptcies, evictions etc. Richmond has one of the highest evictions rates in the country!! Also there have been more bankruptcy filings from companies than the previous 7 years which means they have no money. Also layoffs have been increasing every quarter with the (M2M) Money supply is negative like in previous recessions. I don’t need to time the recession its already here. The media doesn’t have to tell the truth until it cant be contained and its here, because they benefit/profit from it (Just like every other recession).… Read more »
What if they are living in Chesterfield?
It will depend on the area and the permits pulled etc. Chesterfield will run into the same issue if they follow the luxury trend of prices. It all comes down to supply and demand. People/the public dictate the local economy.
You realize there’s a depression coming, don’t you? Might have already started.
They’ve been saying that for years — one year, they will be correct. Wish I knew when though…
I don’t understand the mass amount of luxury apartments being built/approved in Richmond when the amount of higher paying jobs/ companies are not equivalent. In Richmond Q3 there are over 5,000 units under construction and 10,000 units planned and 30,000 units prospective. While the vacancy rate is rising every quarter which currently sits at 7.6% for apartments while apartments complexes are offering two months free just to sign a lease. Millennials are moving back home at the highest rate in years, and others are sharing living spaces to reduce costs. Otis (Luxury) apartments is a great example, they opened in… Read more »
Millennials are not moving home. Gen Z’ers are moving home. Millennials are now between the ages of 40 and 27. Many with their own families, homes, etc.
That is correct but the polls shows that millennials are moving home also. So therefore millennials are still moving home… “More than 60% of Gen-Zers and millennials reported moving back home in the past two years, according to the poll, often because of financial challenges.” This is on from Bloomberg.
The article mentions Millennials because it was a range of 18-29 year olds, so the edge of the millennial generation.
This article hear explains millennials moving home clearer. This speaks about a couple age 41 &45 needing help with daycare costs so they moved back home. “One in four Americans ages 25 to 34 lived with parents or family members in 2021, according to data from the Pew Research Center. Article “Cash-strapped millennials are begging their parents to move in and babysit”
Hmmmm… as I said in a prior response, these people are likely moving back FROM Boston or DC. “Adults ages 25 to 34 who lived in multigenerational arrangements tended to be economically better off if they live with two parents than if they live with one or no parent. The median household income of young adults living with two parents was about $113,000 in 2021, compared with less than $75,000 for those living with one or no parent in their multigenerational household, after controlling for the size of the household. Similarly, young adults in multigenerational households with two parents (3%)… Read more »
heres another article…
MONEYWATCH
More young adults are living at home across the U.S. Here’s why.
You asked and im giving you proof!!
I am a millennial also and I went to college and many people I know have moved home etc!! So therefore I have real time information about whats happening. Also the news is telling you…all of these articles…Its not just people from Boston etc its everywhere. Just accept people are moving home thats the reality. If you want data go to FRED economic data.
yeah but, that often means they are moving back to …. Syracuse. Or Richmond.
Richmond is not the Blvd of Broken Dreams. It’s more like a cozy nest.
It would be nice to see a developer offer condominiums in one of these large projects. It seems the only ownership options for available for new units are as townhome or the 2 unit stacks.
Alden doesn’t have a good track record with newspaper ownership. I think residential real estate development might be easier to handle and I wish them luck here (because it’s in the interest of my city and myself). But no condos/ownership option for long-term buy-in and accountability feels transactional and exploitative.
Interesting seeing people interested in condos… I don’t have anything against them, used to own one in Falls Church — definitely the best option for me at the time, but a somewhat more risky investment. Luckily I sold it in early 2006…
Wow. Our gateway to Richmond is going to be heavily comprised of apartment buildings, all looking like they could be in Anywhere, USA, and unappealing chain restaurants. Very disappointing. Prime real estate that could have been utilized for new build home ownership in a market very much in need of–condos, townhomes. Richmond is going to be glutted with unaffordable apartments-how will that impact our future?
Well, if R is going to be glutted with them, they won’t be unaffordable — more the loans taken out on them will be…. As far as what is being built, it does tend to look better to MOST people driving by than what was there before — I am not one of these people, but many think that New Looking = Good Looking — looks clean, shows that people have been investing there. I was in Newark recently and I can say that the rather souless looking of the new development (it was not ALL soulless) made Newark look… Read more »
Greyhound bus stops are valuable assets. Here’s who’s cashing in on them | CNN Business
Meh.
Richmond lost the Blvd station, but Quickbus or whatever it is called is now in an even MORE accessable location to many — Leigh street near Belvedere —- they bought some soulless old bldg with enough parking. VERY central to their type of customer.
It’s not like Bus cos don’t know what they are doing — bus tickets are dirt cheap compared to the train, mostly because it is now chinese immigrants running the operation.
Cities around the world are turning away from soulless, modernist architecture while Richmond is inviting it in everywhere. Seems so backwards.
Yes, I’ve commented on how even many S. American cities are building more interesting looking buildings than cities like Richmond.
But… of course…. this is LONDON you are posting about, not Manchester….