RICHMOND, Va. (WRIC) -- The City of Richmond has finalized its purchase of the Altria Site in the city's Southside. On Thursday, March 27, the City of Richmond finalized its purchase of the 95.93-acre site from Philip Morris USA for the amount of $5.5 million. According to the City of Richmond, th e purpose of the purchase is to design a new park in the Southside and establish a new travel route. In addition, a market study will be conducted to find the best uses for the remaining acreage. “We are thrilled to announce the purchase of this property in Southside,” said Deputy Chief Administrative Officer for Planning and Economic Development, Sharon Ebert. “It marks a pivotal step in our commitment to accessible community green space, new economic development, and greater transit connectivity for generations to come.”  The site is located in Richmond's 8th district -- situated along Walmsley Boulevard, Trenton Avenue, Kalimat Lane -- bordered by CSX Railroad. This site was previously proposed to be the location of the Richmond casino before the plan was rejected twice by voters. The City of Richmond said that close to half of the undeveloped site has wetlands and ponds that will be incorporated into the 45-acre park. Philip Morris USA will keep and continue to operate the Semi-Works Building on a separate 11-acre parcel. The currently vacant Operations Center, which is part of the city's recently purchased site, will be demolished later in the year. The city said the next steps involve community engagement for the planning of the park project. ...read more read less