The hillside site has been marketed over the years for residential development, with zoning in place that could allow for over 200 units.
Residential Real Estate
The redevelopment at 2300 Hermitage Road could potentially house a new corporate office for Breeden Construction.
North Carolina-based Hem + Spire bought the fully occupied, 116,000-square-foot mixed-use building at 1300 MacTavish Ave.
The addition to the massive Midlothian community would fill 157 acres along the east side of Route 288 just north of the Woolridge Road interchange.
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 project would cap off the nearly decade-long redevelopment of the old Reynolds North complex along downtown’s canal front.
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.
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.