West Cary Revitalization
After almost a decade, redevelopment plans for a portion of West Cary Street seem to be on a roll.
Wednesday night, the Richmond Redevelopment and Housing Authority's Board of Commissioners approved an agreement with a private developer to revitalize the 1700 and 1900 blocks of West Cary Street.
Under the agreement, Midlothian-based East West Partners of Virginia will construct 40 new townhouses on West Cary's 1700 block - the first phase of the project. Plans for the 1900 block include mixed-use developments for retail, office and residential use.
During the past 30 years, East West developed communities such as Brandermill and Woodlake in Chesterfield County. "I've been dealing with East West for 20-some years," Commissioner J. Russell Parker III said at the meeting. "I'm just tickled to have them here."
East West and the housing authority have been in negotiations to redevelop the West Cary blocks for about two years. However, plans could not go forward because of a lack of funds to acquire some existing property on the street.
The housing authority received the needed funds on Monday when City Council unanimously approved the appropriation of an additional $350,000 to the West Cary project. Council previously allotted $1.4 million.
East West Partners will provide an additional $700,000 for the acquisition and demolition of property on the 1700 block. Development will cost approximately $10.4 million and will be completed in 2005, according to city documents. When completed, the townhouses will be sold for approximately $250,000 each.
With the appropriation from the city, East West agreed not to apply for tax abatement on the townhouses, which will increase the city's real estate tax revenue by $140,000 yearly upon completion of the project, according to city documents.
Designated by the city in 1997, the "West Cary Street Conservation and Redevelopment Area" encompasses the 1500 to 1900 blocks bounded by Plum and Meadow streets, West Cary and Parkwood Avenue. The housing authority had been working with residents and community leaders for about four years prior to the city's designation, which was the first step needed to bring new homes and mixed-use developments to the West Cary corridor.
In July, Richmond.com reported about the housing authority's plans to develop the acquired land on the south sides of the 1700 block and half the 1900 block of West Cary with East West Partners of Virginia.
At the time, the developer had plans to bring luxury condominiums and mixed-used developments to the blocks. Private developer Eck Enterprises Inc. also has separate plans to bring luxury townhouses to the north and south sides of the 1800 block, which will be the future home of the Social Security Administration. (Read A Spreading Fan for more information.)
As part of the redevelopment on the 1700 block, five tenants and four businesses, including Diversity Thrift, must relocate when the housing authority acquires property on the 1700 block through the law of eminent domain. These businesses and tenants will be compensated by the housing authority. (Read Redevelopment Ruckus for more info.)
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