RICHMOND, Va. (WWBT) - Mayor Levar Stoney and his administration will introduce ordinances and legal documents for the sale and redevelopment of the public safety building in Richmond.
According to a release, the city received an unsolicited offer from Capital City Partners, LLC for the building in May of last year.
“City Council declared the property to be surplus real estate on June 22, 2020, and city officials recommended that the city negotiate with Capital City Partners, LLC on its unsolicited offer to purchase and redevelop the property. A purchase price of $3,520,456 was negotiated between the city and developer. As part of the negotiated agreement, Capital City Partners, LLC is responsible for the demolition of the Public Safety Building and construction of new public infrastructure that includes reconnecting East Clay Street,” a release said.
The release from Stoney’s office said the redevelopment would provide office space for VCU health, facilities for The Doorways and Ronald McDonald House Charities, and more.
It is estimated that the project could generate $55.9 million in new General Fund Real Estate Tax revenue over the next 25 years.
“Redeveloping the old Public Safety Building will generate much needed tax revenue for affordable housing, schools and our neighborhoods while creating opportunities for minority businesses,” said Stoney in a release. “My administration proactively worked with City Council to make this long overdue improvement to the city’s healthcare infrastructure a win for Richmond.”
The documents will be introduced to the city council during its meeting on Feb. 8.
Copyright 2021 WWBT. All rights reserved.