Undeveloped land totaling almost 250 acres, parcels in Richmond and in Chesterfield County, just outside the Richmond city limits, are for sale at a total of almost $80 million. The land is on the market for use as a major commercial, residential and mixed-use development according to information from S.L. Nusbaum Realty. Garrett Hart, the economic director of Chesterfield County, said the prospective project can become a “major midtown development.”
Parkway Crossings, in Richmond, is one parcel of 82.5 acres. It’s the largest undeveloped piece of land currently remaining in Richmond. The other parcel is 166 acres, bordering Parkway Crossings, in the Bon Air region in Chesterfield. It’s the largest undeveloped property of its kind within its distance from Richmond.
Models of other urban economic development
The current property owners and economic development leaders in the city and county see the properties becoming a site of significant economic growth for the region. The property is near downtown Richmond and Richmond International Airport. Richmond company Development Associates of Virginia LLC is the selling company. General Services Corporation is the property management company.
A mixed-use, widely varied development with retail, office, hospitality and residential, both single-family and multi-family, properties could be similar to major land development projects in growing suburban areas of larger cities such as Atlanta, Charlotte, Raleigh and Washington, D.C. Thus, after some further consideration, and suitable preparations like land clearing, construction should commence in the months to come.
Past attempts of developing the property
Past development proposals regarding Chesterfield County have been stopped by residents in the nearby neighborhoods. Environmental issues about wetland protection and concerns about existing home values have been raised before. The larger Bon Air parcel is presently zoned for building office, retail, hospitality and residential properties, but will likely need significant rezoning for any future development.
Both parcels have been owned by the same owner for decades. Proposed projects going back decades, such as a major mall, have not worked. Past and present casino projects have also run into resistance from nearby residents and landowners. One casino project on the Parkway Crossings property, by Bally’s Corporation, was rejected by a city government panel in Richmond in spring 2021. Another casino, by ONE Casino and Resort, is in the approval process, which includes a referendum by Richmond voters.
Story by Chloe Bates
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AFP
