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Dalian Development has formally filed an appeal to try to reverse a Richmond Circuit Court ruling related to a lease dispute on a surface parking lot it owns at 3210 W. Marshall St.
The ruling allows developer Hem + Spire to keep its lease on the parking lot for potentially another 16 years, restricting Dalian Development's plan to develop the entire block.
The North Carolina investor paid nearly $1.5 million for the property in January of 2020, just in time to be dealt a blow by the pandemic-induced office market downturn.
North Carolina-based developer Hem + Spire bought the six-story building in January 2020 for $1.5 million. Next month's auction has a starting bid of $450,000.
