Richmond negotiating with firm to redevelop area around Coliseum

RICHMOND, Va. (WRIC) -- The City of Richmond announced Wednesday that it is negotiating with a firm to potentially redevelop the area around the Richmond Coliseum. 

Mayor Levar M. Stoney said he has authorized the city administration to enter into negotiations with The NH District Corporation (“NH District Corp.”) for the North of Broad/Downtown Redevelopment Project. The city decided to start negotiations with NH District Corp. after a thoroughly reviewing the firm's proposal. 

“Though many questions remain and there are important points to negotiate, based upon the results of this review process, I believe there is potential in this proposal to provide transformational change in an underutilized portion of downtown, without negatively impacting the City finances or debt capacity,” said Mayor Stoney. “After briefing the members of city council, I’ve instructed staff to negotiate with NH District Corp. with the understanding that we will only take the next step in this process if we determine it is in the best interests of the community.”

In November, Mayor Stoney announced the city would accept proposals for plans to redevelop a significant portion of downtown, including possibly replacing the Richmond Coliseum. He also said he will not entertain any proposals that require the city to use its existing tax revenue or debt capacity to fund the project.

RELATED: Mayor Stoney announces plans to replace Richmond Coliseum, redevelop downtown

Stoney wanted to expand economic development and affordable housing opportunities; generate revenue while achieving poverty mitigation through jobs and training; provide historic preservation and community revitalization, to promote and support tourism; and ensure sustainable development and investments in mass transit and infrastructure.

In February, Stoney said the city received one bid for the project but did not reveal the name of the firm at that time. 

Mayor Stoney expects negotiations with NH District Corp. to continue throughout the summer. If negotiations are successful, the project would be presented to City Council for consideration in the fall. The city has posted more details about the project here. 

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