The 430 units were built in the 1960s. The sale price comes out to just over $177,900 per door, considered to be the priciest Richmond has seen for a property of that age.
Local developer Genesis Properties is under contract to purchase the 20-story Eighth & Main office building as well as a nearby parking deck at 620 E. Cary St.
Sauer Center's first phase fills out - Richmond BizSense richmondbizsense.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from richmondbizsense.com Daily Mail and Mail on Sunday newspapers.
Shockoe Hill Apartments for low-income seniors to get $15M renovation
Jonathan Spiers photos)
A senior apartment community in one of Richmond’s more imposing 19th-century structures is set to get a multimillion-dollar upgrade.
Shockoe Hill Apartments, a subsidized housing complex for low-income seniors in the 1860s-era Almshouse on Hospital Street, is slated for $15 million worth of renovations following a recent City Council approval allowing the issuance of tax-exempt bonds to fund the project.
The multifamily housing revenue bonds, to be issued by the Richmond Redevelopment & Housing Authority, will fund renovations to the complex’s 125 apartments and a conversion of one of the buildings into a community center and leasing office.
The Agenda: Local government briefs for 4.12.21
Chesterfield approves FY22 budget with BPOL tax exemption increase
Chesterfield supervisors adopted the county’s budget for fiscal year 2022 at their meeting last week.
The budget features an $807 million general fund and level tax rates. It provides $344.7 million in local money for the school district, as well as $226.8 million for the capital improvement program. The budget totals $1.6 billion across all funds.
With the budget’s adoption, the county’s business and occupation license (BPOL) tax exemption threshold increases from $300,000 to $400,000 effective July 1.
The budget also sets the stage for a November 2022 bond referendum, which includes approximately $300 million for expansion and renovation to middle schools, as well as $150 million to renovate and build new county facilities.