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  • Writer's pictureKimberly Ocasio

Mystery Buyer in Richmond

A prominent site on West Broad Street appears to have found a buyer. The former Wells Fargo branch at 3501 W. Broad St. is reportedly under contract, although the identity of the purchaser remains a mystery. The bank closed the branch last summer, making the 9,900-square-foot building and its 1.15-acre parcel available for sale. Situated in the Museum District and facing the western edge of Scott’s Addition, the property falls within the TOD-1 Transit-Oriented Nodal district, allowing for new construction of up to 12 stories, as part of the 2021 Pulse Corridor rezoning's.

Thalhimer is marketing the lot as a redevelopment opportunity, with brokers David Smith and Will McGoogan handling the listing. While the pending sale is under wraps, no recent plans have been filed with the city for the site. The bulk of the parcel is currently a surface parking lot, with the vacant branch dating back to 1979 and valued at $4.7 million according to city records.

Development on the south side of Broad Street has been less frequent compared to the north, with the former Gusti Restaurant Equipment & Supply site being a notable exception. Despite plans for a mixed-use project, development has yet to commence on the 2-acre site near Sheppard Street and Cutshaw Avenue. Nearby, ongoing construction is evident with apartment buildings nearing completion on a former International Mission Board parking lot.

Further south in the Museum District, demolition of a vacant senior living facility has paved the way for a new six-story apartment building at the intersection of North Thompson Street and Grove Avenue. Meanwhile, Wells Fargo has recently closed branches in Innsbrook, along Belt Boulevard in the Southside, and in Monroe Ward. The impending sale of the West Broad Street property signifies potential growth and transformation in this evolving area of Richmond.

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