Nov 20, 2023 - Business

Richmond Greyhound bus station could relocate from Scott's Addition

The Greyhound station at 2910 N. Arthur Ashe Blvd. Photo: Ned Oliver/Axios

The Greyhound bus station that has stood on Arthur Ashe Boulevard for more than 40 years likely won't be there for much longer.

Driving the news: Greyhound bus stations nationwide are closing and relocating after being acquired by Alden Global Capital, the investment firm that rose to infamy for its acquisition and gutting of American newspapers, Axios Cleveland's Sam Allard reports.

  • Twenty Lake Holdings LLC, a subsidiary of Alden Global Capital, purchased 33 Greyhound stations from the U.K. conglomerate FirstGroup late last year, including the Richmond station at 2910 N. Arthur Ashe Blvd., according to city property records.
  • FirstGroup acquired Greyhound in 2021 and sold the bus service to German transport company FlixBus for $172 million, but retained the stations until the sale to the Alden subsidiary.

Why it matters: Greyhound has long been the brand most closely associated with intercity bus travel in the U.S..

  • Its stations occupy prime downtown real estate that is considered ripe for commercial and residential development.

Zoom in: Twenty Lake paid $11.1 million for the 5-acre Richmond Greyhound property, which sits directly across from the $2.4 billion Diamond District project and within development and entertainment hotspot, Scott's Addition.

  • The sale closed in December, and by January, the hedge fund had listed the property for sale for an undisclosed amount, BizSense reported.
  • The Richmond-based listing agents told BizSense they were reviewing offers and speculated that Greyhound would likely not operate out of the site after a sale.
Inside the Richmond station. Photo: Ned Oliver/Axios

It's unclear where a possible sale stands today. Co-listing agent Michael Morris with Commonwealth Commercial told Axios he forwarded our questions to Twenty Lake.

  • Property records show Twenty Lake still owns the station/property and Greyhound continues to operate out of the site.

What they're saying: Twenty Lake did not respond to an Axios email and phone call seeking comment.

  • Axios has made numerous attempts via phone and email to contact spokespeople from Greyhound and FlixBus since early October. No one has responded.

The big picture: Multiple downtown Greyhound stations closed and relocated to less formal locations after the sales.

What happened: After the Philadelphia terminal closed, Greyhound began operating curbside a short distance away, forcing passengers to wait outside on sidewalks without designated seating or restrooms.

  • In Charlottesville, Greyhound shuttered its station in 2021 and moved to an unmarked stop in an Amtrak parking lot ahead of listing the property for sale, causing confusion and anger. An LLC with a mailing address registered to Twenty Lake paid $2.42 million for the property in January, per property records.
  • In Louisville this year, the station relocated with no notice to passengers to a temporary site in a strip mall a mile away.

Between the lines: The relocation of stations to less accessible, outdoor locations raises equity and safety concerns.

  • A DePaul University study this year found that Greyhound riders tend to be younger and lower-income than other travelers, and are less likely to have access to a car.
  • When Cincinnati's station closed, Greyhound relocated to a suburban location 10 miles away, with advocates calling it an "unfair burden" on passengers who would be forced to spend money on an Uber or time on public transit to get there.

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