Description
Title: To declare surplus and direct the sale of a portion of the City-owned real estate known as 1451 Commerce Road, consisting of 4.715± acres, to City Central, LLC or its affiliate, for $2,694,500, 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 is considering an ordinance to sell a part of its real estate at 1451 Commerce Road, approximately 4.715 acres, to City Central, LLC for $2,694,500. This sale aims to facilitate a mixed-use development, which is part of a broader effort to enhance housing supply and affordability in the area. The legislation outlines specific conditions: the Richmond Police Department must relocate to an approved property, with associated costs covered by the developer. If these conditions are not met within two years, the sale will become void. This ordinance is significant as it could lead to job creation, increased tax revenue, and revitalization of the local community. A public hearing is scheduled for June 8, 2026.