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DC-based development makes unsolicited offer for Navy Hill site

Posted at 5:10 PM, Feb 24, 2020
and last updated 2020-02-24 17:12:56-05

RICHMOND, Va. -- A D.C.-based developer that has been upping its local activity of late is looking to buy the city-owned land previously eyed for the controversial Navy Hill development project.

Douglas Development Corp. is making an unsolicited offer to buy the nearly 15-acre Navy Hill site from the City of Richmond for $15 million, according to a letter from the company obtained by BizSense.

The letter to the city, dated Feb. 18, offers $15 million in cash with a $1 million deposit for the site that includes the shuttered Richmond Coliseum, which Douglas would refurbish and bring up to current standards.

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