Michael A. “Mike” Hopkins is on track to achieve his 20-year-old dream of developing a hotel in Richmond.

The veteran developer-contractor finally gained unanimous approval from the board of the Richmond Redevelopment and Housing Authority for his plan to bring a 115-room hotel, apartments and retail space to a long-vacant 3.4-acre plot in Jackson Ward.

RRHA and Mr. Hopkins signed a final agreement on June 30 for the sale of the property bounded by 3rd Street, 2nd Street, Jackson Street and Interstates 95 and 64.

The projected $35 million development would be among the largest that RRHA has ever awarded to a Black-owned firm.

The property, cleared in the 1990s as part of a planned urban renewal project, is located next to Club 533, one of the largest Black social clubs in the area, and across the street from Third Street Bethel AME Church.

Mr. Hopkins had sought to build hotels at two other sites in the Downtown area, but always found barriers put in his way. It looked like the RRHA deal would make it happen.

RRHA had selected Mr. Hopkins in 2019 to handle the hotel-apartment development of the property, but he was forced to walk away after the housing authority’s staff asked him to pay what he considered an exorbitant price for the land.

However, two years later, the board, which by then had gained new members, stepped in to revive the development that Mr. Hopkins had proposed, but it took more than nine months to reach the agreement point.

The growing support culminated in the board’s June 21 approval, clearing the way for a final deal.

Mr. Hopkins previously told RRHA that he plans for the development to become a model for minority business inclusion and for community benefits.

His documents for the project indicated that Black-owned companies would be involved in all aspects of the project, ranging from design and building to legal, insurance and accounting, as well as the provision of hotel artwork.

He also stated that the development also would provide a job training program focused on ensuring city residents could gain construction work or be prepared for hotel jobs.

Mr. Hopkins plans to carry out the development through his twin businesses, M Companies and Emerge Construction Group. His companies also are involved in the Diamond District development planned for the city property where The Diamond baseball stadium now stands, and he is competing to be part of the Richmond Coliseum redevelopment.