The dispute centers on county supervisors’ rejection last November of a rezoning for Summerlyn, a $27 million project by Larry Shaia and Jesse Lennon that would have been Hanover’s first 55-and-up rental community.
The city plans to purchase the vacant building for a new pet adoption center that would supplement Richmond Animal Care & Control’s current facility on Chamberlayne Avenue.
The years-in-the-making project in the city’s Northside is planned to add about 125 attached and detached for-sale homes with a mix of income-based and market-rate units.
“We can be even more powerful together,” said Kevin McQueen, a Sportable board member who’s joining CEO Hunter Leemon for his third fundraising ride in as many years.
The two five-story projects would add dozens of new apartments along a stretch of Broad that serves as a gateway between Shockoe Bottom and Church Hill.
Branding work starts for Richmond’s Diamond District project, a downtown ad shop collaborates on a children’s book and a local agency opens its first office. (BizSense Pro required)
The bonds would provide a form of bridge financing for the projects, the costs of which are expected to exceed the roughly $10 million in forecasted revenues from so-called passenger facility charges.
The seller is Tim Messier, the former CEO and board chairman of Medalist Diversified REIT who departed the firm last year amid pressure from shareholders.
“When you look at all the items that you have to put in a development to get recommendations for approval, you can’t develop and provide any type of workforce housing,” George Emerson said.
The move comes as the firm’s 15-year home in Shockoe Bottom is slated for an apartments conversion and five-story addition.
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