Failed Tetra auction a bad sign for Northside development?
Richmond BizSense ran an article last week about the failed auction of some Tetra Companies properties by Village Bank.
The foreclosed properties include about 18 acres made up of 116 small parcels near Brook Road and Hillard Roads near the Belmont Golf Course…There are also about 22 acres of undeveloped land around the Brook Run Shopping Center off Brook Road, where Tetra planned a mixed-use project.
And then, commentary from a reader:
…even at auction prices no one was interested in buying the land. With such close proximty to Azalea Mall, the failure of the auction is a bad sign for the future of the area, at least in a commercial sense, making it even more important for people to be aware of the blight of that area, and active in coming up with creative uses for the area.
If you’re interested, some really fantastic ideas for the wasteland that is Azalea Mall can be found in the comments of this post.
Does anyone know if this Dewberry project is still in the works?
http://www.dewberrycapital.com/properties/richmond.html
Nope. This subject comes up again and again on the Bellevue email list. The issue with this property is a “he said, she said” game at this point.
The property was bought for development by Dewberry, but neighbors along the border squashed the project due to fears over toxins and dust from asphalt removal. The property owner then positioned the land for sale to Westminster Canterbury, who had just bought a much smaller parcel for triple the cost that WC now wants to pay for the larger Azalea plot.
Today, Westminster claims it is offering fair market value for the land, and the property holder would like a price that is comparable to the cost of the last parcel WC bought–so its a stalemate.
People often talk about “taking” the property, or forcing its sale, but they are sort of missing the point of property ownership, capitalism, and a free market economy. Until a larger entity/developer/retailer takes an interest in the property, it will remain a wasteland.
And, as long as people to continue to complain about this plot, bringing it renewed attention, the city will continue to demand the property owner clear-cut the overgrowth that threatens to return the property to its natural state. Frankly, I think it looks better as an weedy overgrown field than an empty parking lot.