A week ago I praised plans to redevelop Cloverleaf Mall, a failing mall in a declining district of Chesterfield County. As an alternative to subsidizing growth and development on the metropolitan periphery, I argued, state and local governments need to be more aggressive about in-fill development and redevelopment in areas already served by road networks and other infrastructure. A proposal to convert the old mall into a mixed-use project with more than 500 homes seemed like exactly the kind of development the Richmond region needs.
Now comes Style Magazine with some tough questions: “How many millions in financial incentives is the county willing to kick in? If pushed to the wall, is Chesterfield willing to use eminent domain to gain control of the remaining land?”
It turns out that the Richmond Christian Center, an African-American church, is willing to pay $7 million to acquire 15 acres of the proposed 83-acre site. Crosland Inc., the developer favored by the County, has agreed to pay $9.25 million for the mall buildings, but that price tag does not include the land the mall actually sits on. And that’s just where the story starts to get complicated. Read the Style article.
While infill and redevelopment are critical strategies for creating viable New Urban Regions, they must follow the same guidelines as all other development: It needs to pay its own way. Considering that the land is often undervalued and much of the infrastructure is already in place, that shouldn’t be a high hurdle. Let’s hope that the bean counters in Chesterfield County are keeping a sharp eye on this deal.