Petersburg looking to sell city-owned property to help with finances

PETERSBURG, Va. (WRIC) — Petersburg is scraping together every penny they can to pay off a mountain of debt. Now, officials are hoping to get hundreds of properties owned by the city off the books and back on the tax rolls. It’s part of their effort to help fix the city’s financial troubles.

“The city owns over 200 properties, but today we had a showcase to feature about 25 properties that we group together based on location and these properties are already zoned appropriate for commercial development,” said Michelle Peters, Economic Development Director for Petersburg.


The city not only looking to make money from the sale, but mainly from what comes from these empty properties filled with thriving businesses.

“It’s to get the properties back on the tax roll for the city because currently, the city owns them so they are just vacant, there are no taxes being collected,” Peters said.

And, perhaps the best benefit is that new jobs would be created. Some of the buildings do need work, like an old hotel on Tabb Street. But if you’re looking for a great deal on great property, the city says they are ready to make a deal and have incentives to offer.


“We’re ready to sit down at the table and to negotiate, strike a deal and get those properties developed,” Peters said.

The city says their push has already led to a few deals that are on the table currently being negotiated.

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