A holdout among the sprawl between Short Pump and Wyndham, the 9-acre site along Pouncey Tract Road has been under the same ownership since 1980, when it was last purchased for $22,000.
The $5.2 million payment was officially due Feb. 28, but a purchase agreement for the massive arena-anchored development allowed a 10-day cure period that expired Thursday at midnight.
“Quite candidly, we’re at the end of the useful life of that building,” said CEO Chris Henderson of Pinnacle Living, which is planning an overhaul of the retirement community in Northside.
The sale of an initial 18 acres was the next needed step for the mixed-use portion of the 67-acre development that includes the under-construction CarMax Park stadium.
The default notices followed a nonperformance notice that the county sent the developers in December, as well as a missed payment of over $5 million that was due last Friday to secure the site of the project's planned anchor arena.
The portal is the latest in an ongoing effort to move certain city services online. The typical March 1 deadline for renewing licenses and paying BPOL taxes has been extended to March 31.
Thirty Brandcenter alums touched this year’s Super Bowl ads and an annual panel provides local critiques. New work for VPM and a local EV bikes dealer. (BizSense Pro required)
Republic Properties now argues that former teammates Loop Capital and Thalhimer Realty Partners breached a business “venture,” after its "partnership" argument was rejected by a judge.