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.
The 17-story, 1960s-era building is now eligible for historic tax credits, giving owner The Vakos Cos. an opening turn it into 300 apartments.
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.
Pinpoint Real Estate Partners bought three properties last month and another earlier this month. To date, it’s spent nearly $40 million on 185 units in the city.
Upon demolishing the old silos later this year, Hourigan Development is planning to construct what will be among the tallest residential buildings to be built in the city in recent years.
One of the homes is a midcentury modern-style house designed by Richmond architect Bud Hyland, who apprenticed under Frank Lloyd Wright.
Midlothian Depot would include an undisclosed grocery anchor, 350 apartments and additional commercial space at the corner of Midlothian Turnpike and Alverser Drive.
The Richmond-based developer is moving ahead after Philadelphia-based Parkway Corp. withdrew from the project and sold it the land.
“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.
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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