86-year-old owner Norman Jones is asking $1.75 million for the property after selling off the last of his American Saddlebred broodmares.
In a change of course from what was envisioned for a former motel site it still plans to develop, Virginia Union is planning a student-run hotel farther south.
The purchase clears the way for the first phase of the 450-acre industrial park that’s planned to add 3.3 million square feet of Class A industrial space.
A nearly century-old building would be razed to make way for a three- and four-story structure with facades that make it look like downtown rowhouses.
The president of the local commercial real estate firm has lived in the 7,200-square-foot brick colonial since it was built in the 1990s.
The 307-unit Livingston Apartment Flats is the latest purchase for the Henrico-based firm, which has picked up several multifamily properties using 1031 exchanges.
The hillside site has been marketed over the years for residential development, with zoning in place that could allow for over 200 units.
The redevelopment at 2300 Hermitage Road could potentially house a new corporate office for Breeden Construction.
The addition to the massive Midlothian community would fill 157 acres along the east side of Route 288 just north of the Woolridge Road interchange.
The 15,000-square-foot, one-story building will complete the redevelopment of the former Bon Air Baptist Church site.