GRTC Transit System sold its coveted, century-old headquarters near Richmond’s Fan District today for more than $5 million.
The transit system’s board of directors voted 3-0 to approve the sale to Richmond Redevelopment & Housing Authority, despite the absence of two board members from Chesterfield County. The third Chesterfield representative, David Mathews, abstained from the vote, taken publicly after an hour-long executive session.
“One-third of the board was not here to take a vote,” Mathews said after the meeting to explain his abstention.
GRTC officials were pleased with the deal, which gives the transit system $5.4 million and an equal share of any additional profits reaped when the housing authority sells the 6.8 acres for development. The sales price represents the appraised value of the property, which the housing authority originally offered to buy for $5 million.
“We think it’s the full value,” said John M. Lewis Jr., GRTC president and chief executive officer.
The property, at 101 S. Davis Ave. along West Cary Street, is considered prime real estate for development because of its proximity to the Fan District. The transit system will begin moving its administrative offices out of the building next week as the transition begins to the new headquarters and operations center on Belt Boulevard in South Richmond.
The sale was approved by Chairwoman Linda Broady-Myers, James Johnson, and Sheila Hill-Christian, all representatives of Richmond, which shares ownership of the transit system with Chesterfield.
GRTC will be responsible for environmental cleanup of the bus depot and an estimated six underground fuel storage tanks. Lewis estimates the cleanup cost at $1 million to $2 million.
The sale is subject to approval by the Federal Transportation Administration because of the federal share of money used to buy the property in 1973 from the Virginia Transit Co.
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