Instead of private condos or offices, a major piece of Dock Street property that nestles the James River is on its way to becoming parkland everyone can use.

The Capital Region Land Conservancy and Mayor Levar M. Stoney are to jointly announce Thursday that the land conservancy is acquiring what is now called the Echo Harbour property to be part of the James River Park system.

The prospects that this 5.2-acre site will forever be green space represents a major win for those who fought to prevent its development to preserve the hilltop view that Richmond’s founder, William Byrd II, indicated inspired him to name his new town after a section of London called Richmond-upon-Thames.

Credit is going to Parker C. Agelasto, a former City Council member and current executive director of the land preservation group, for engineering the acquisition of the riverfront property on behalf of the public.

Mr. Agelasto worked with the private owners on a deal to have CRLC buy the land encompassing 3011 and 3021 Dock Street, the former home of the Tarmac cement plant. Plans for development of the land have remained dormant since 2012.

The land sits between the Great Shiplock Park, where the James River and Kanawha Canal meet, and the former Lehigh Concrete property the city previously acquired.

The purchase will create a continuous public area on the south side of Dock Street between 14th Street and the privately owned Rocketts Landing development.

Mr. Agelasto said the purchase became possible after resolving the last major sticking point, terminating a perpetual easement The Tobacco Company restaurant owner Jerry Cable held to a dock on the site. He also held the right to have two parking spaces on the property. Mr. Agelasto said CRLC worked out an agreement to satisfy Mr. Cable, who first got involved with the property in the fall of 1999 when he bought and cleared the cement plant to make way for condos that were never built.

According to city assessment records, the property is valued at about $5.1 million. The owner of the property is listed as USP Echo Harbour LLC of Chantilly in Northern Virginia.

Mr. Agelasto said CRLC would pay “north of $5 million” for the property and is undertaking a campaign to raise the needed funds to complete the purchase within a few months.

He considers the purchase the final chapter in the decades- long effort to create a continuous park in this area, as well as to provide a public dock on the river’s north bank.

This stretch already features portions of the Virginia Capital Trail and the Canal Walk as well as Intermediate Terminal, a popular fishing spot.