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Archon Plans $50M-Plus Mixed-Use Project

RICHMOND, VA-For its first area project, Archon is eyeing 200,000 sf of retail, 40,000 sf of office and 79 seniors' townhouses on 41 acres.

By Erika Morphy | Updated on September 25, 2006

(For more retail coverage, click GlobeSt.com/RETAIL and the multifamily market, click here.)

RICHMOND, VA-Archon Group LP has made its first investment in the Greater Richmond market with the recent acquisition of 41 acres from hospital operator, Bon Secours.

Originally intended by Bon Secours to be a hospital, the site is now zoned for 10 acres of retail, 25 acres of office and five acres of assisted living. The Irving, TX-based Archon currently is in the process of rezoning the property for a mixed-use complex with 200,000 sf of retail and 40,000 sf of office, David Paul, Archon’s director of retail investments in the Northeast, tells GlobeSt.com. Plans also call for the development of 79 residential townhouses on the southern portion of the acreage as well an extension of Three Chopt Road west of Lauderdale Drive through the property, which was marketed by Thalhimer Commercial Real Estate in Richmond.

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