Description
Title: To declare surplus and direct the sale of a portion of the city-owned real estate known as 1461 Commerce Road, consisting of 8.234± acres, to City Central, LLC or its affiliate, for $4,705,500, or such lesser amount as may be provided for herein, for the purpose of facilitating the construction of a mixed-use development. (6th District)
Summary
The City of Richmond has introduced an ordinance to sell a portion of city-owned property located at 1461 Commerce Road, comprising approximately 8.234 acres, to City Central, LLC for $4,705,500. This sale aims to facilitate a mixed-use development that will enhance housing supply and community infrastructure. The ordinance stipulates that this sale is contingent upon the School Board approving suitable replacement properties for its current operations on the site within two years. The developer will bear the costs associated with the relocation of Richmond Public Schools. This legislation is significant as it supports urban development while ensuring that the needs of the School Board are met, potentially revitalizing the area and generating tax revenue for the city. A public hearing on this matter is scheduled for June