RICHMOND, Va. — A local nonprofit has a buyer on the hook for the former hotel building in Scott’s Addition it had hoped to make its flagship redevelopment project.
Better Housing Coalition is under contract to sell the former Quality Inn & Suites building at 3200 W. Broad St. to Richmond developer Louis Salomonsky, according to multiple sources with knowledge of the deal.
BHC CEO Greta Harris confirmed the building is under contract but said she could not confirm or deny Salomonsky is the buyer. She said the deal is slated to close in December.
Salomonsky, who runs Shockoe Bottom-based Historic Housing with business partner David White, would not comment when reached Monday morning.
BHC has been in talks with prospective buyers for months since announcing in February it was weighing its options for the property after resolving a legal dispute with local developer Dominion Diversified Real Estate Group, which had alleged the nonprofit stole its idea to redevelop the six-story, 136,000-square-foot building.
BHC had planned a $42 million mixed-income, mixed-use redevelopment that would hinge on a $7 million capital campaign, which Harris has said lost momentum from the legal dispute.
After reaching an undisclosed settlement with Dominion Diversified, Harris said BHC was weighing whether to go forward with the project as previously proposed, pursue a joint venture with a private commercial developer or sell the property and its 3.5 acres, which it purchased in 2016 for $5.9 million.
Harris said BHC has an executed contract to sell the property outright, without any involvement in its development or contingencies requiring housing types or price ranges. It’s unclear whether the building would be redeveloped or razed to make way for new construction.