$9M bid could put GRTC bus depot in hands of Richmond developers

Posted at 11:40 AM, Sep 14, 2015
and last updated 2015-09-14 11:41:36-04

RICHMOND, Va. — A $9.12 million bid has landed a team of seasoned Richmond developers at the head of the pack to purchase and redevelop the Greater Richmond Transit Co.’s bus depot property at 101 S. Davis Ave.

The cash offer from DKJ Richmond LLC, a joint venture between Chris Johnson and Tom Dickey of Monument Cos., and Howard Kellman of The Edison Co., has been chosen as the top proposal in the RFP process started for the coveted 7-acre site in May, a GRTC document shows.

GRTC determined the group to be the frontrunner out of 12 bids, mostly submitted by big names in the local development scene.

“After individual evaluations were conducted, interviews were held with two offerors determined to be within a competitive range,” the document states. “It was then determined that DKJ Richmond, LLC was the highest ranked proposer.”

A discussion of the deal is on the agenda for the next GRTC board meeting, set for Wednesday, where the board plans to authorize GRTC’s CEO to execute the agreement with DKJ. It anticipates a closing in mid-November.

Reached by email Sunday afternoon, Chris Johnson said the group couldn’t comment until the purchase contract was officially awarded.

Bidders were not required to state their intentions for the property, but the GRTC document shows that prior to closing, DKJ will conduct at least two public meetings to “share their redevelopment plan and solicit feedback from the community on the project.”

The group will follow a notification process similar to that used for zoning matters with the city.

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