The project would cap off the nearly decade-long redevelopment of the old Reynolds North complex along downtown’s canal front.
Residential Real Estate
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.
Alex Griffith wasn’t planning to add to his portfolio this summer but his brother Calvin is a broker at CBRE and brought him the deal.
The seven-story building at Canal and South First streets is the latest in a line of apartments overlooking the Downtown Expressway.
The recent sale is one of several in the Richmond market’s higher end that have exceeded their list price by hundreds of thousands of dollars due to bidding wars.
The county wants to turn it into a mixed-use development with more than 1,000 residential units, office and retail space, a sports-and-entertainment venue and a hotel.
The United Methodist Church near Short Pump would sell two of its eight acres to a developer if the county approves the proposal.
The number has been reduced, but Godsey Properties’ plan for two subdivisions with hundreds of homes now goes to county supervisors.