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The Trust for Public Land has acquired 108 acres for $700,000 along the James River in Chesterfield County and will convey the land to the county for use as a public park and conservation area.

The trust, a nonprofit that funds the creation of parks and protected land, closed on the property Thursday.

The land is a 1-mile strip along the James River south of the Pocahontas Parkway bridge and east of Interstate 95. It also includes a section to the west of I-95.

The trust purchased the land from UB Properties Inc., a subsidiary of Union Bank & Trust, and it will convey the property to Chesterfield in a few months for the creation of the James River Conservation Area.

The previous owner, local developer William B. DuVal, had planned to build Riverwalk, a residential waterfront community with 298 town houses and a 98-slip marina, on the site. However, the recession hit and Union Bank foreclosed on the property in 2011.

Protection of the property was made possible not only by the market downturn but also by Union Bank’s willingness to entertain a different type of sale, one that provided shareholders with a financial return but also considered a best use for the property from the community’s perspective, The Trust for Public Land said.