Back to News

Posted on 7/14/2021 by Mike Platania at Richmond BizSense

A new high mark has been set for land on a per-acre basis in the Scott’s Addition area.

The 3.3-acre assemblage at 1117-1209 N. Arthur Ashe Blvd. sold earlier this week for $12.5 million, city records show.

The buying entities are tied to D.C.-based Level 2 Development and SJG Properties, who are planning a major mixed-use project for the site. The seller in the deal was local investor Ed Lacy, who’d owned many of the parcels for decades.

At about $3.8 million per acre, the deal marks the highest sales price on a per-acre basis in the neighborhood in recent memory.

The previous high mark for the land in and around Scott’s Addition was $3.6 million per acre, set last year by South Carolina’s Greystar when it bought a whole city block at 1601 Roseneath Road. It paid $8.6 million for the site, where it’s planning a 350-unit mixed-use project with locally-based Capital Square.

Continue reading the full article

Share this: