Synopsis:

The old Reynolds Metal property in Richmond, Virginia, has moved one step closer to finding new life. Two developers, Fountainhead Development and WVS Companies, have signed a contract to purchase the site. The property includes tobacco factories from its earliest days as well as newer buildings to manufacture aluminum foil products. The developers hope to finalize the sale by the end of 2010 and start redevelopment in 2011 by adding apartments, shops and restaurants. The first phase will be the adaptive reuse phase which will include renovating the tobacco factories into 200 apartments.

With its redevelopment, the city also hopes to see its Canal Walk finally reach its full potential. The Reynolds site sits in the middle of the walk which was completed in 1999. Meant as a tool to revitalize the canal, it has met its full pace partially due to the “block” that the Reynolds site creates. Once redeveloped, users of the walk will be able to utilize the path seamlessly and the areas on either side of Reynolds will finally be connected.