DC-based Developer Offers To Buy Richmond Coliseum, Navy Hill Properties
A D.C. based development firm is offering to buy the Richmond Coliseum and properties in the surrounding Navy Hill neighborhood.
In a letter obtained by VPM, Douglas Development Corporation made the unsolicited offer in a letter to the city dated Feb. 18. Richmond Bizsense broke the story late Monday. The firm is offering to buy the Coliseum and other properties for $15 million. They hope to renovate the Coliseum and build office, retail and apartment space around it.
The bid comes after Richmond City Council voted down a similar proposal from Mayor Levar Stoney and developer NH District Corp in a 5-4 vote.
In the letter, the Douglas Development Corporation says it would reserve 10 percent of any apartments built for low-income housing. It is signed by the president and founder Douglas Jemal.
You can read a copy of the letter here.