Dava Developments has put a high-rise and hotel project in the Capstan area on hold.
City council rescinded its rezoning of properties on Patterson Road – close to close to Sea Island Way and Garden City Road – after the developer said they are not able to meet a July 17 deadline for finalization of the project.
Due to changes in rental policies, the 163 unit project needed to be finalized by July 17.
Since the developer said it can't achieve this, due to “matters outside their control,” any project at the site would fall under new policies requiring 15 per cent rentals (the previous policy was 10 per cent).
The four properties comprise a heavily treed area with single-family homes on them.
At Monday's city council meeting, where the rescinding was being dealt with, Coun. Michael Wolfe said the "forest has been saved."
"This whole parcel is a massive urban forest - one of the largest ones in north Richmond - and it was set to be completely lost and, in the meantime, and perhaps for a long time, it will remain," he added.
The four lots were sold to Coastone in 2019 for a reduced cost and as part of a land swap whereby the city acquired the Richmond Ice Centre at about $20 million lower than its value.
City staff note any new proposal on these four lots would have to "significantly revised" from the original plan and would come back to city council for approval.
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