A performance agreement for a 105-acre mixed-use development with 250,000 square feet of commercial and office space and up to 1,190 residential units would provide about $28 million in incentives.
Formerly owned by disgraced landlord Billy Jefferson, the 19-building, 207-unit assemblage sold for $31 million in 2018 and just sold again for nearly $41 million.
The deal marks the second time in the last year Gagan Marwaha bought a building in the city from Tom Wilkinson.
“It’s just a whole different ballgame that is being played here in the city,” Councilmember Stephanie Lynch said in response to comments from colleagues on past economic development efforts.
Developer Josh Bilder is getting back in the game at the intersection of East Clay Street and Jefferson Avenue.
In addition to buying the 350-unit Trails at Short Pump for $255,000 per door, Henrico’s Capital Square also broke ground on a high-end hotel out of town.
A Texas firm that has roots in Virginia is behind the income-based Brook Villas, a three-building complex under construction in Henrico County.
The Motorworks at City View apartment building was originally redeveloped by Genesis Properties, which sold it to Thalhimer in 2019 for $4.3 million.
PlanRVA has been funneling $3 million to local nonprofits, including Habit for Humanity, which has just built the program’s first home in the Church Hill area.
A group that includes a New York developer and locals Stuart Cantor and Bruce Tyler will build 26 condos on the 0.75-acre site.
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