A group of Richmond developers wants to construct a residential tower across from the Carpenter Theatre in downtown Richmond that would include 28,000 square feet of ground-floor retail and an 800-space parking garage.
The developers said plans remain very much in flux, but presented a rendering showing an 18-story structure on the block bounded by Grace, Sixth, Seventh and Franklin streets. The space currently houses a surface parking lot and a parking garage built in the 1920s.
City Center LLC put forward the plans. The company is a partnership between CathFord Consulting, Price Studios and Taylor and Parrish Construction, along with an unspecified number of unnamed investors.
They said they plan to spend a minimum of $86 million on the development. The group made an unsolicited offer to buy the land for the project from the city of Richmond for $3.95 million.
The city’s Planning Commission unanimously recommended approval of the sale Monday. The City Council is scheduled to vote on the sale next week.