Highwoods Properties sold the bulk of the 34-acre assemblage to developer Northland, which envisions apartments, condos, retail space and a hotel. Highwoods is still planning office space for its remaining portion of the site.
Funds from the payments would be put toward preservation projects in Richmond and contribute to a legal defense fund for the Virginia Historic Preservation Easement Program.
Terms of the settlement were not disclosed and end an on-again, off-again legal dispute that stems from the defection of SRMF principals and former Long & Foster executives Scott Shaheen, Scott Ruth, John Martin and Mahood Fonville in 2017.
The $50 million, 4,500-seat arena is scheduled to open in about a year and host indoor sports events and concerts.
One of the homes is a midcentury modern-style house designed by Richmond architect Bud Hyland, who apprenticed under Frank Lloyd Wright.
Richmond’s Economic Development Authority is preparing a joint solicitation that it plans to issue with the Greater Richmond Convention Center Authority to gauge development interest in a 9-acre assemblage that includes the shuttered arena and the site of a long-sought convention center hotel.
“The redevelopment of the Diamond District site is intended to be financially self-sustaining, meaning that the new development in the Diamond District will generate enough tax revenue to pay debt service for Community Development Authority bond financing,” new city documents state.
A mayonnaise brand gets a new mascot with help from a local agency, a lawncare company’s Jack Russell terrier is back on TV, and shops team up on a brand refresh for a Richmond speaker series.
The City of Richmond has made its pick in its months-long search for a development team to guide its Diamond District redevelopment.
The deal for the 262-unit Tapestry West comes out to $350,0000 per door, a figure that breaks the buyer’s previous local price record.
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