Navy Hill developers tout proposed CoStar Group deal to build office tower, create jobs


RICHMOND,Va. (WRIC) — Mayor Levar Stoney announced Monday that commercial real estate company CoStar Group is in talks to build a new office tower as part of the proposed Navy Hill project.

The more than 400,000 square foot office building would sit next to the proposed arena and would create more than 2,000 new jobs over the next five years. 

CoStar Group CEO Andy Florance said the company’s current Richmond office space in the West Rock building, which houses about 1,000 employees, is full and has no additional room for expansion. 

“We believe in the Navy Hill Project and that it could provide an ideal solution for our company’s future growth here in Richmond,” said Florance.


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