$132M redevelopment of former Greyhound station in Richmond planned

Richmond’s former Greyhound bus station will be replaced by a 386-unit apartment building with retail space in the city’s fast growing Scott’s Addition neighborhood.

New York-based firms Allen Investment Properties and Pointsfive are planning a $132 million revamp, with funding from New York’s Bridge Investment Group as an equity investor, and an $85.6 million construction loan from Madison Realty Capital, also based in New York. Both deals were arranged by Bethesda, Maryland-based Walker & Dunlop, a commercial real estate finance and advisory firm.

Construction is expected to start in the second quarter of 2026, but no timeline for the project’s completion was announced. AIP and Walker & Dunlop did not return requests for comment, and Pointsfive declined to comment beyond what was in Walker & Dunlop’s news release.

The 550,000-square-foot project will replace the shuttered bus terminal at 2910 N. Arthur Ashe Blvd., across from the recently opened Richmond Flying Squirrels’ baseball stadium, CarMax Park. In addition to 386 apartments, the building is expected to have 14,000 square feet of retail space, three courtyards and over 55,000 square feet of indoor and outdoor amenities.

The project site housed a Greyhound bus station for decades until its closure in 2024, when service was moved closer to Main Street Station. A limited liability company owned by Twenty Lake Holdings purchased the nearly 5-acre property in 2022 for $11 million.

The Richmond Times-Dispatch reported that Twenty Lake split the property into two parcels, selling the roughly 3-acre portion along Arthur Ashe Boulevard to an entity dubbed 2910 RVA Owner for nearly $15 million, according to a deed filed in March. The firm also sold the roughly 2-acre rear parcel, accessible from West Boulevard, to New York-based entity WB RVA Owner for about $5 million.

Last month, Washington, D.C.-based developer Hoffman & Associates and Florida-based limited liability company DeBartolo Development broke ground on a $144 million project that will add 366 apartments to the Scott’s Addition neighborhood by 2028.

“This submarket has all the qualities we look for in a multifamily development location: walkability, unique mixed-use urban character, day and night entertainment drivers and consistently strong renter growth relative to supply,” Pointsfive CEO Tristan Nadal said in a statement.