Richmond Bizsense: Eyesore former Greyhound station on Arthur Ashe Blvd. sold to developer for $15M

Mike Platania

Just as the gates are set to open for the first game at CarMax Park, there’s movement on a planned development that’ll replace an eyesore across the street from the new stadium. 

Last week Allen Investment Partners purchased the former Greyhound station at 2910 N. Arthur Ashe Blvd. for $14.9 million, city property records show. 

The deal would appear to be the last major step needed before AIP and its development group begin to transform the 5-acre property into a 7-story complex with 386 apartments, 14,000 square feet of retail space, a 388-space parking deck, 55,000 square feet of amenities and three courtyards.

The development could eventually reach over 630 units, as plans filed with the city in February include a second “future building” that would rise behind the first one and total 269 units.

AIP has been eyeing the site for more than two years, initially filing plans in late 2023. 

It’s been slow moving since. Greyhound moved its local bus depot to The Plaza at Main Street Station in late 2024 and the vacated station has sat dormant, despite demolition permits filed more than a year ago.

Now, the development finally looks to be moving forward. AIP closed on the property on April 2, and a few days before that announced with its partners that they had finalized the financing for the $132 million project.  

City records show that the entity that bought the property is tied to AIP and its founder Scott Allen, who wasn’t available for comment. 

The seller in the deal was an entity tied to Twenty Lake Holdings, the Connecticut-based real estate arm of hedge fund Alden Global Capital. Twenty Lake had bought the Greyhound station in 2023 for $11.1 million, just below the property’s 2026 city-assessed value of $11.2 million. 

In addition to AIP, the project’s development team includes advisory firm Pointsfive, private equity firm Madison Realty Capital and finance advisory firm Walker & Dunlop, all of which are based in New York. Also on the team is Bridge Investment Group, an investment manager out of Salt Lake City. 

The group has hired mostly local firms to lead the project’s design and construction. KBS Inc. is the general contractor, Poole & Poole Architecture is the designer, Timmons Group is the engineer, and Emerge Construction Group is the construction manager. 

Work is scheduled to begin the second quarter of 2026, according to last week’s announcement. As of Friday afternoon, the old Greyhound station is still fenced off and demolition work is yet to begin. 

On the other side of Arthur Ashe Boulevard is CarMax Park, where the Flying Squirrels recently moved in and are preparing for their first-ever game there on April 7.