Richmond site for planned multifamily building sells for $6.36M

A developer bought a roughly 2-acre site near the Diamond District in Richmond for $6.36 million in mid-April, with plans for redevelopment.

Richmond-based Spy Rock Real Estate Group bought the site at 1600 Rhoadmiller St. from Tahoe Partners LLC through a limited liability company on April 13, according to Richmond property records.

Spy Rock filed plans with the city in October and November 2025 to demolish the existing 65,965-square-foot warehouse on the property and construct a multifamily building with 247 units and a roughly 350-space parking deck.

The company expects to complete the development, dubbed The Ledger, in the second quarter of 2028, according to its website. It will have one-, two- and three-bedroom units.

Spy Rock has developed numerous multifamily and mixed-use properties in Richmond in recent years, including the 300-unit The Guild at the intersection of Allen Avenue and Leigh Street, built in 2025, and the mixed-use The Westbrook at Brewer’s Row, located on Overbrook Road, one street over from the planned Ledger development. Built in 2023, the Westbrook has 189 apartments, 36 rental townhomes and almost 18,900 square feet of commercial space.

The 67-acre Diamond District redevelopment is anchored by the $140 million CarMax Park, the Richmond Flying Squirrels baseball stadium that opened earlier this month.