BHC mulls decision to convert hotel into mixed-use development project
RICHMOND, Va. –Weeks after resolving its dispute with a local developer that had put the property in legal limbo, a Richmond housing nonprofit is moving forward with efforts to gauge the market for a prime piece of Scott’s Addition real estate, reported RichmondBizSense.com.
Better Housing Coalition has started soliciting offers for the former Quality Inn & Suites at 3200 W. Broad St., which it purchased in 2016 with plans to convert the dormant property into a mixed-income, mixed-use development.
Offers to buy or redevelop the property, either with BHC through a joint venture or without, are being accepted through 5 p.m. Friday, March 9, with an undisclosed asking price.
BHC will then weigh the offers and determine whether it wants to go forward with redevelopment or sell the property and put the proceeds toward other housing projects.
“We have not made any decisions about the future of the project yet,” BHC CEO Greta Harris said in an email. “We are moving along multiple paths with the goal of having several viable options for the BHC Board of Directors to evaluate soon.”
The downtown-based organization has enlisted Colliers International | Richmond brokers Bill Mattox, Martin Blum, Sara Marie Williamson, Matt Hamilton and Austin Newman, along with John Jay Schwartz of Have Site Will Travel, to market the property.
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