Rendering of the proposed VCU Health Systems complex in downtown Richmond.
Richmond City Council approved the sale of the city’s Public Safety Building on Monday, clearing the way for a $325 million VCU Health System medical office tower and multi-use project downtown.
Council members unanimously approved the 3-acre property’s $3.5 million sale to Capital City Partners LLC, a collaboration between Michael Hallmark of Los Angeles-based Future Cities LLC and Susan Eastridge of Fairfax-based Concord Eastridge Inc. Hallmark and Eastridge were part of the failed Navy Hill project last year and made an unsolicited offer last May for the aging Public Safety Building on 10th Street near City Hall. In the plan, the building will be demolished.
The $325 million mixed-use development would include an office tower with space for VCU Health System administrators and physicians, Class A office space and ground-level retail space, as well as new facilities for The Doorways and Ronald McDonald House Charities, which both provide housing and support for families of hospital patients, and a child care center. The project also would include reconstruction of Clay Street between 9th and 10th streets. According to the mayor’s office, the project is estimated to generate $55.9 million in real estate tax revenue for the city’s general fund over the next 25 years.
