Sale of the MVGC to DC-based Monument Realty was finalized Tuesday afternoon, according to the report. Terms of the agreement were not disclosed. Reports in December indicated the price could be as much as $5 million.
The state determined the property was worth about $1.6 million in 2012, according to the report.
Michael Darby, principal of Monument Realty, told The Gazette "he envisions townhomes and multifamily residences mixed with open spaces on the current site, designed with input from nearby residents."
It will take at least three years before the rezoning process and designs can be completed, he said, according to the report.