Former Greyhound station in Richmond sold, slated for $132 million redevelopment

RICHMOND, Va. (WRIC) -- The former Greyhound Lines Inc. bus station has been sold and split into two properties, according to the city of Richmond. The property is slated for a $132 million redevelopment.

The city said the parcel at 2910 N. Arthur Ashe Blvd. is owned by Allen Investment Partners after the Maryland-based real estate financial firm Walker & Dunlop announced it had brokered a deal with three investors -- Allen Investment Partners, Pointsfive and Bridge Investment Group -- on Monday, March 30.

They reportedly committed to a $132 million to redevelop the site.

"The development and investment in the Diamond District by the City and its EDA has created such positive momentum around the 67-acre neighborhood and developers are eager [to] work on properties surrounding the area," the city told 8News on Monday, April 7. "In short, projects like this reflect the economic promise of the Diamond District."

Walker & Dunlop said it also secured an $85.6 million construction loan from Madison Realty Capital for the 550,000-square-foot project, which is expected to deliver 386 homes and over 14,000 square feet of retail in the city's Scott’s Addition district, per the release.

The firm shared that the property is "within a federally designated Qualified Opportunity Zone and provides long-term investment benefits," and will be cleared for redevelopment.

Planned amenities include three outdoor open-air courtyards and over 55,000 square feet of indoor and outdoor space.

8News previously reported this was initially considered a $64 million project, but we asked the city about the figure and are waiting to hear back.

MORE: New apartments to be built on former Greyhound station’s property in Richmond

Scott Allen, founder and CEO of Allen Investment Partners, shared the following statement in the press release:

“We are honored to collaborate with this exceptional best-in-class partnership. Together, we will bring a world-class residential experience, with curated urban retail spaces that emphasize street-level activation and urban connectivity, unrivaled amenities, and sustainably focused design to life in this historic location."

Tristan Nadal, founder and CEO of Pointsfive, also shared the following statement:

“This submarket has all the qualities we look for in a multifamily development location: walkability, unique mixed-use urban character, day and night entertainment drivers, and consistently strong renter growth relative to supply."

CarMax Park, which sits on the other side of Arthur Ashe Boulevard, held its first-ever Richmond Flying Squirrels game there on Tuesday, April 7.