City of Petersburg Council Work Session July 2025
STEPPING STONES PROPERTIES LLC Acquiring Foley & Mistletoe St. Parcels
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Description
The City Council is poised to approve the sale and redevelopment of 10 N. Foley Street and 340 Mistletoe Street to STEPPING STONES PROPERTIES, LLC, pending development agreements and successful due diligence.
Contract Details
Vendor
STEPPING STONES PROPERTIES LLC
Agency
City of Petersburg, VA
Contract Type
OTHER
Document Date
July 1, 2025
Contract Term
Due diligence period not to exceed 120 days; closing to occur before 90 business days after due diligence; development agreements prior to deed transfer for each property
Renewal Info
Due diligence period (120 days), closing deadlines, development agreement, and reverter provisions enforced upon non-performance.
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