The sale comes as the Reynolds family is planning to transform many of the surrounding parking lots with residential and mixed-use buildings, some potentially reaching 12 stories.
The price for the 2.4-acre plot comes to $5.6 million per acre, the most paid by any developer for land per acre in Scott’s Addition.
The judge dismissed the lawsuit from Republic Properties, which argued that Thalhimer Realty Partners and Loop Capital breached an alleged partnership when they continued with the project without Republic. The D.C.-based firm has 28 days to amend the suit.
The Henrico-based firm is partnering with SCOA Real Estate Partners to develop a spec distribution center near Prince George and has restructured its leadership with a series of promotions.
Movement on the project comes shortly after Greyhound cut a deal with the city to move buses to Main Street Station downtown.
The subcontractor has asked a judge to order the sale of the property, while several firms involved in work on the facility that have filed liens totaling at least another $13 million.
Bryon and Nicole Jessee are working with local contractor Ed Bowman to convert the 184-year-old mansion into a 12-room hotel. They bought the property Friday for $1.6 million after five years on and off the market.
The Shockoe Slip-based firm has joined CPL, a 50-year-old company with two dozen offices in the Northeast and Mid-Atlantic regions.
“This part of Chesterfield is underrepresented when it comes to hotels,” CEO Ravi Patel said of the $35 million project, which adds to others that are expanding the company’s local presence.
The strip center changed hands as 2024 came to a close, adding to a flurry of over $320 million in year-end commercial real estate deals.
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