Richmond's Mayo Island up for sale for $10M - NBC12.com - Richmond, VA News

Richmond's Mayo Island up for sale for $10M

Posted: Updated:
RICHMOND, VA (WWBT) -

Now's your chance to own an island on the James River in Richmond.

Mayo Island could be yours, if you can come up with nearly $10 million. 

The Shaia family, which owns the property, decided to put it up for sale after receiving numerous inquiries about the future of the property.

"It could be a fabulous corporate headquarters with a view you could never get anywhere else," says John Jay Schwartz of Have Site, Will Travel, which is working with Bill Mattox and Susan Jones at Collier International to broker a potential deal. "That could be anything from a government agency, a public agency to a large public or private company. Ideally, it could be a fabulous entertainment venue."

Click here to download a PDF of the offering: http://bit.ly/1juX1wI

Schwartz also mentioned the possibility of the island being used as a park. It's currently zoned for light industrial use, which could include retail or office space. Any other usage would require going back to the city for approvals.

The price tag stands at $9,950,000, but Schwartz says the "unique" property offers the unique possibility of drawing in millennials who could kayak, walk or bike to work from Tobacco Row, Shockoe Slip and Bottom or Manchester.

While the property does sit in the 100-year flood zone, Schwartz believe that isn't necessarily a barrier to redevelopment.

"It is something to be concerned about, it has been raised, but where there's a will there's a way," explained Schwartz. "I don't think it's an adverse situation for the site at all. I think it becomes an asset if you treat it properly.

The island was owned by the Mayo family as far back as 1785 and a bridge connecting Richmond and Manchester was built when the two consolidated in 1910. Over the years it has served as a sawmill, boathouse and baseball stadium. 

Copyright 2014 WWBT NBC12. All rights reserved

Powered by WorldNow