Richmond is moving rapidly to complete the purchase of Mayo Island, which a 2012 city plan described as the “green jewel” of the Downtown riverfront.

The city Planning Commission endorsed the purchase Monday, and a unanimous City Council plans to approve the purchase of the James River island at its next meeting on Monday, April 24.

In a statement released last week, the city plans to pay the current owners, the Shaia family, $14.9 million for the island in the 500 block of South 14th Street, or about $1 million per acre for the 14.5 acres.

The city is taking over the purchase from the Capital Region Land Conservancy (CRLC), which became the catalyst when it reached an agreement in December to buy most of the island from the Shaia family for $11.9 million.

The city’s deal includes the entire island, including a section where a billboard stands. The family did not make that section available when it inked the CLRC deal, but did so in the new deal with the city, the Free Press was told, resulting in a higher price.

According to the ordinance that council plans to approve, City Hall plans to finance half of the purchase using a $7.5 million grant from the Virginia Department of Conservation and Recreation. The grant is from climate resiliency funds provided through the Regional Greenhouse Gas Initiative.

The rest of the money will come from bonds issued by the city’s Storm Water Utility.

To help the city reduce the debt, CLRC plans to transfer a $1.5 million grant it previously received from the Virginia Land Conservation Fund to support its purchase and any other grant funds that it gains for Mayo Island.

Current plans call for elimination of current buildings and pavement from the island to restore to a natural open space for public use as part of the James River Park, according to a city statement.

Some of that work could wait until after completion of a replacement of the 14th Street Bridge or Mayo Bridge, an $80 million project expected to begin in 2024. A portion of the island is expected to serve as a staging area for vehicles and construction equipment and vehicles for that project.

Mayor Levar M. Stoney said the purchase of the island “is a major win for all who live, work, play and visit” Richmond.

Council President Michael J. Jones was equally enthusiastic, calling the island “iconic” and saying the purchase will enable people to get closer to the river.

Sixth District Councilwoman Ellen F. Robertson considers the purchase “a great moment for our city that will” augment recreational opportunities.

Mayo Island is actually an amalgam of the three islands that were united in the 19th century. The island once was home to a minor league park and was a popular summer recreation area that also featured a dock. The island sits at the juncture where tidal and fresh water portions of the James River meet.