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To direct the conveyance of the City-owned real estate located at 3410 Belmont Road, consisting of 0.341± acres, and 3420 Belmont Road, consisting of 0.514± acres, for $187,000.00 to Belmont Investments LLC, for the purpose of facilitating the construction of a mixed-use development project. (8th District)
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WHEREAS, by Resolution No. 2024-R040, adopted March 10, 2025, the Council approved the biennial real estate strategies plan entitled “Revised 2024 Biennial Real Estate Strategies Plan for City Owned Surplus Properties” and declared the city-owned real estate located at 3410 Belmont Road, consisting of approximately 0.341 acres, and 3420 Belmont Road, consisting of approximately 0.514 acres, to be surplus City-owned real estate;
NOW, THEREFORE,
THE CITY OF RICHMOND HEREBY ORDAINS:
§ 1. That, notwithstanding any provision of section 8-58 of the Code of the City of Richmond (2020), as amended, to the contrary, the City-owned real estate known as 3410 Belmont Road, consisting of approximately 0.341 acres and identified as Tax Parcel No. C008-0939/027, and 3420 Belmont Road, consisting of approximately 0.514 acres and identified as Tax Parcel No. C008-0939/028 in the 2025 records of the City Assessor, are hereby directed to be conveyed to Belmont Investments LLC, for $187,000.00 for the purpose of facilitating the construction of a mixed-use development project, in accordance with the applicable provisions of Chapter 8 of the Code of the City of Richmond (2020), as amended, the Charter of the City of Richmond (2020), as amended, the Code of Virginia (1950), as amended, and the Constitution of Virginia.
§ 2. That, pursuant to section 8-65(b) of the Code of the City of Richmond (2020), as amended, the Chief Administrative Officer is hereby directed to execute, on behalf of the City, the deed and such other documents, all of which must first be approved as to form by the City Attorney, as may be necessary to consummate the conveyance of the real estate authorized by Section 1 of this Ordinance.
§ 3. This ordinance shall be in force and effect upon adoption.
City of Richmond
Intracity Correspondence
DATE: June 11, 2025
TO: The Honorable Members of City Council
THROUGH: The Honorable Danny Avula, Mayor
THROUGH: Sharon Ebert, Interim Chief Administrative Officer
THROUGH: Brandon Hinton, Interim Deputy Chief Administrative Officer
THROUGH: Sheila White, Director of Finance
THROUGH: Meghan Brown - Director of Budget and Strategic Planning
THROUGH: Gail Johnson, Director of General Services
FROM: Chris Nizamis, Real Estate Manager - Real Estate Strategies/DGS
RE: Unsolicited Offer and the disposition of City-owned surplus real estate known as 3410 Belmont Road (parcel ID # C0080939027) and 3410 Belmont Road (parcel ID# C0080939028)
ORD. OR RES. No.
PURPOSE: To direct the conveyance of the surplus City-owned real estate located at 3410 Belmont Road, consisting of 0.341± acres and 3420 Belmont Road, consisting of 0.5141± acres for One Hundred Eighty-Seven Thousand Dollars ($187,000.00) to Belmont Investments, LLC., for the purpose of facilitating the construction of a mixed-use development project.
BACKGROUND: The Offeror is currently the owner of the properties surrounding the Subject Parcels at 5138 West Belmont Road and 3306, 3312, and 3324 Belmont Road (collectively, the “Existing Belmont Property”). The Offeror seeks the Subject Parcels to create a larger and more developable area by aggregating the Existing Belmont Properties together with the Subject Parcels into a unified development. This larger, combined property would support the development of active street-facing ground floor uses from the traffic circle at West Belmont Road and then along Belmont Road. This combined development configuration would provide space for more active ground floor uses, including without limitation a potential daycare center, and allow for the location of more dense workforce housing above the active ground floor uses. The Offeror would then be able to locate less dense housing in the rear areas of the aggregated properties in conformance with the Richmond 300 future land use plan.
The proposed use would be subject to a Special Use Permit or similar rezoning efforts that would be timed with ultimate disposition of the Subject Parcels to the Offeror.
The Offeror would propose:
• active ground floor uses along Belmont Road, including without limitation taking commercially reasonable efforts to locate a potential daycare center;
• approximately 300 apartment units of multifamily workforce housing units located above and immediately around the active ground floor uses;
• and for less density off of the main roads, they propose approximately 50 units of rowhouse or townhouse style units in the rear of the aggregate property;
• the Offeror is planning a club house and pool, pedestrian connectivity, with specific numbers of units and types of uses to be confirmed upon the special use permit or similar approval.
• Conceptual plans are underway and can be provided prior to any disposition ordinance.
The Subject Parcels offers an approximate combined .855± acre parcel of real estate consisting of vacant land within the R-3/Residential (single family) zoning class within Council District #8. The Subject Parcels are not in use and the City has no plans for these parcels. The Subject Parcels are currently assessed at $84,000.00 for 3410 Belmont Road and $113,000.00 for 3420 Belmont Road respectively and are in need of substantial improvements.
Belmont Investments is anticipating a capital investment and total development costs of the aggregated properties are estimated at approximately $30,000,000.00 for the townhouses and a separate $40,000,000.00 for the apartments and ground floor uses, with a total estimated and overall construction costs being at approximately $70,000,000.00.
In addition to the direct real estate tax revenue the City will receive upon completion of such a project, the entire development site including the Subject Parcels would provide much needed workforce and missing-middle housing within City limits. The Offeror would engage an economic consultant to provide an analysis or rental rates and economic impacts, including details on construction and permanent jobs.
Utilization of the 3410 Belmont Road and 3420 Belmont Road parcels would mitigate potential financial and long-term maintenance obligations to the City. The property is currently vacant, and Belmont Investments intends to construct a new residential and commercial buildings and revitalize the property to remove a portion of the perceived blight along this portion Belmont Road. The subject parcels will also serve as a demonstration of innovative efforts and technologies for new and redevelopment projects within the City.
Belmont Investments, LLC is a special purpose entity created to develop the Existing Belmont Properties and to make an offer for the Subject Parcels. The principals are involved in the adaptive re-use of the former medical office property at 7001 Jahnke Road into an innovative mixed use residential, retail/restaurant, and fuel use, including electric vehicle charging stations.
COMMUNITY ENGAGEMENT: None, however, this request has received the full support of the City of Richmond Administration.
STRATEGIC INITATIVES AND OTHER GOVERNMENTAL:
• The subject parcel is included on the “2024 Biennial Real Estate Strategies Plan”, approved by City Council (Res. No. 2024-R040)
FISCAL IMPACT: Direct revenue to the City of Richmond Department of Public Utilities enterprise fund from the conveyance is $187,000.00, as well as the collection of added Real Estate Taxes for these parcels (TBD).
DESIRED EFFECTIVE DATE: Upon adoption
REQUESTED INTRODUCTION DATE: July 28, 2025
CITY COUNCIL PUBLIC HEARING DATE: September 22, 2025
REQUESTED AGENDA: Consent Agenda
RECOMMENDED COUNCIL COMMITTEE: Land Use, Housing and Transportation (LUTH) Standing Committee Meeting (September 16, 2025).
AFFECTED AGENCIES: Mayor, Chief Administrative Officer, Office of the City Attorney and the Department of General Services/Real Estate Strategies.
RELATIONSHIP TO EXISTING ORD. OR RES.: None
ATTACHMENTS:
• Unsolicited Offer received from Belmont Investment
• Unsolicited Offer Memorandum
• Subject Parcel Supporting Documentation including aerial images, Richmond Parcel Mapper, parcel site plans, etc.
• Conceptual Site Plan of proposed project
STAFF: Christopher Nizamis, Real Estate Manager - Real Estate Strategies/DED