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