PETERSBURG, Va. β A former University of Virginia and NFL football player is preparing to transform nearly an entire city block in Old Towne Petersburg with a massive development project at a cost of more than $100 million.
Wali Rainer, now a developer, plans to present his project to Petersburg City Council on Tuesday.
The development will include a hotel with over 100 rooms, office space, retail stores, and residential units.
"What Petersburg is right now, the rich history and cultural, it's just going to enhance that," Rainer said.
The project comes at what Rainer believes is the perfect time, especially with a new casino expected to bring visitors to the area.
He sees the downtown location as a major advantage for attracting guests and residents.
"The main part of any city is the downtown area and so that in itself is a main attraction," Rainer said.
The casino's presence significantly influences his investment decision, according to Rainer.
"Absolutely. I think the casino, with the amount of people that come there and just the aspect of Petersburg being right over Interstate 95, it's going to be a tremendous help for it," Rainer said.
A temporary casino, Live! Casino Virginia. will open pending Lottery approval. The permanent Live! Casino Resort and Hotel in Petersburg could open as early as 2027.
Project Details
Rainer's development plans, with are separate from the casino, include a mix of commercial and residential components designed to serve the community's needs.
Rainer specifically mentioned plans for a grocery store, addressing a need in Petersburg.
The residential portion will feature 70 two-bedroom apartments and 70 one-bedroom apartments, along with a health club and 250 parking spaces to accommodate residents and visitors.
Local Business Support
Old Towne business owners are expressing enthusiasm about the potential economic impact of the development.
"Big changes for the City of Petersburg. Good changes," said Jim Scruggs of Comeback Burger.
Blakely Perkinson of Old Towne Perks sees broader community benefits from the project.
"I think it's a fantastic idea, bring people down here, it also like helps impact the businesses around, not just us but us as a community," Perkinson said.
Rodolfo Lopez of Tramonto Ristorante anticipates increased customer traffic.
"Yeah that's very good, very good. More customers," Lopez said.
Sara Campbell of Longstreet's Deli agrees the development could provide opportunities for small businesses in the area.
"I think it would be a great opportunity. I think it would bring in a lot of new people, it could bring in a lot of new people for all the small businesses down here," Campbell said.
Timeline and Next Steps
Rainer emphasized his commitment to moving forward quickly with the project, distinguishing his approach from developers who make promises but fail to deliver.
"We are willing and ready to move forward as fast and quickly as possible, working with the city. It's not going to be one of those ordeals where people get all ready and hyped up and then you look 2 years down the road, no one's put a shovel in the ground," Rainer said.
On Tuesday, Rainer will present the plans and project details to City Council. The council will then decide whether to approve the sale of the property. If approved, Rainer will need to return at a later date for City Council to approve his development plan.
The total cost for the developer is expected to range from $120 to $140 million.
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