An ill-fated Better Housing Coalition redevelopment project is in new hands after the venture fell through – and the new development is being handled by two names familiar to the neighborhood. The vacant Quality Inn & Suites property will be transformed into a mix of housing and commercial space, BizSense reports.
From Richmond BizSense:
A sizable chunk of Scott’s Addition real estate once eyed for redevelopment while stuck in legal limbo is now in the hands of new owners who are planning a $70 million mixed-use project for the site.
Developers Louis Salomonsky and David White closed Friday on their purchase of the former Quality Inn & Suites property at 3200 W. Broad St. Salomonsky said the purchase price, which had yet to be recorded, was approximately $8 million.
The 3.5-acre property, which fills a city block, includes the now-shuttered six-story hotel building along Broad Street. The property most recently was assessed for about $11 million, according to city records.
Salomonsky and White, who run Shockoe Bottom-based Historic Housing, are planning to overhaul the site with a $70 million redevelopment that includes 322 primarily market-rate apartments, commercial space and a parking deck.