Location

Midtown-Richmond, VA

Size

33 Acre Campus

Proposed Use

$70 Million Mixed Use
Development: Apartment, Retail, Office, Hotel

Services Provided

  • Strategic Planning – Highest and Best Use Proposal & Selection Process 

  • Negotiate Terms and Manage Transaction for  Client


Case Study:

Real Estate Goals

• Monetize campus frontage of over 4.5 acres of West Broad Street

• Highest and best use analysis – Density Studies - Valuation 

• Retain control of the site through long term ground lease

Solutions

• Create study to determine uses acceptable – architecture/test fits

• Solicit proposals from qualified developers – ground lease only

• Create leverage and negotiate best combined benefits of all proposals 

Challenges

• Determining highest and best use given compatibility issues with remaining campus

• Identify qualified developers willing to pursue ground lease vs sale 

 

value

• Achieved significantly higher pricing than originally anticipated

• Secured 99 Year lease that reverts to client at end – land and improvements

• Large upfront cash payment to client