Overview

Richmond and Wayne County currently struggle to offer quality housing options for individuals and families who want to relocate to the area but are not capable or interested in buying a single-family home. New, market-rate apartment complexes with amenities do not currently exist in this market making it difficult for transplants, young professionals, and retirees to find suitable housing that offers a maintenance-free lifestyle. The proposed project provides for the removal of an abandoned department store and skywalk leading to an adjacent parking garage which has been vacant since 2018. The site is within a qualified census tract. Following the building removal, site work will be provided to prepare for redevelopment which will include a mixed-use structure that accommodated a total of 150 residential units (10 studios, 85 one-bedroom, and 55 two-bedroom units). The project will also include 4,000 SF of commercial space, a pocket park, and associated site work (sidewalks, curbs, and parking). READI funds ($2.95 million) will be used for building demolition and site preparation work. Additional project financing will be provided by the City of Richmond, the City of Richmond Redevelopment Commission (TIF Funds), and Flaherty and Collins. The project has also been awarded $3.6 million in Redevelopment Tax Credits through the State’s program. Approximate timeline is December 2023 to June 2026.