VDOT was not able to reach an agreement with the former owner regarding the fair market value of the property. VDOT has now selected another buyer, based on the responses it received to the solicitation for expressions of interest. The buyer has completed its due diligence. Once VDOT has completed contract negotiations with the buyer and the terms are finalized, it will identify the buyer and facilitate an introduction to the City. The City is eager to learn the buyer’s plans for the property and explore options to preserve some affordable housing in the future.
VDOT received 11 responses to its solicitation for expressions of interest in the 530-unit Hunting Point (Hunting Towers) property. Based on discussions with eight developers (including the prior owner) during the solicitation period, three of the proposals that were submitted have been shared with the City. Here are the highlights:
The responses are non-binding, and the original owner has indicated its intent to re-acquire the property pursuant to its existing right of first offer, if it can reach an agreement with VDOT on the property’s fair market value. The property would continue to be operated “as is” if the original owner is successful, but there is interest in working with the City to preserve some units as committed or market affordable over time.
City Council’s May 22, 2012 resolution recognizing the property’s importance as a market affordable housing asset, affirming the existing zoning and land use, and stating the City’s intent to provide support within available resources to preserve the property as affordable, was conveyed to VDOT on May 25 along with a letter from Mayor Euille. VDOT recently advised the City that it would share the letter and resolution with all respondents as requested by the Mayor. Because VDOT considers the responses proprietary, it will not share information about specific proposals with the City.
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