The renovations are part of an effort to move the units from the RRHA to private landlords, who would use a project-based voucher program to rent to Section 8 residents.
The deal comes as the seller, Highwoods Properties, is seeking approval of a massive mixed-use development on 34 acres across the street from the site.
The $2.75 million purchase was the second home to jump that amount over list price last month and it closed just two weeks after hitting the market.
A food hall, as well as office and retail spaces in repurposed shipping containers, are among potential uses being weighed for the property.
An agency wraps a documentary, restaurants get TV spots through an ad giveaway, and a campaign pits a used car retailer against the former “fastest man in the world.”
An area real estate agent and a homebuilder are behind the Rural Hill on the James project, which will fill land between the river and a prominent county intersection.
An arena, 2.2 million square feet of office space, 280,000 square feet of retail, two hotels, and up to 2,400 residential units are planned at I-95 and Parham Road.
The supermarket chain received approval to build a 1.1 million-square-foot, $175 million distribution center but it still faces legal challenges.
The seven-story building at Canal and South First streets is the latest in a line of apartments overlooking the Downtown Expressway.
The recent sale is one of several in the Richmond market’s higher end that have exceeded their list price by hundreds of thousands of dollars due to bidding wars.