RICHMOND, Va. (WWBT) - A $325 million redevelopment project in downtown Richmond will move forward after city council approved the sale of the current public safety building.
The city is selling the 3-acre property to Capital City Partners, LLC for $3,520,456. It will then be redeveloped into a “mixed-use project” between VCU Health, The Doorways and Ronald McDonald House Charities.
The developer will be responsible for demolishing the existing building and all reconstruction on Clay Street between 9th and 10th streets.
“The sale and redevelopment of the Public Safety Building site is a critical first step to improving downtown,” said Mayor Levar Stoney. “My Administration was glad to work with City Council and Capital City Partners, LLC to create this great win for Richmond. The project will aid minority businesses, create child care slots for Richmond families, fund scholarships for graduates of Richmond Public Schools, and generate nearly $56 million in new revenue for the city’s General Fund over the first 25 years. We can, and we will, continue to grow Richmond by redeveloping underutilized city-owned property.”
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