Henrico County announced plans Thursday to purchase the historic Wilton Farm, 1200 acres of prime real estate along the James River to preserve and develop it.
Potential uses include a park with 2.8 miles of river frontage, economic development, schools, and a history museum.
"On this beautiful property there are two lakes, extensive frontage of the James River, wetlands and farmlands," said Board Chairman Tyrone Nelson.
HH Hunt wanted to build a 3200 unit planned community until the 2008 recession hit. Since then, the property has remained almost unchanged from colonial times.
"Today, at a purchase of 10 million dollars, we see a tremendous value for Henrico taxpayers for generations to come," said County Manager John Vithoulkas.
The county board is expected to approve the purchase next month. The Economic Development Authority will use a bank loan, which the county will pay off with general fund revenues.
