RICHMOND, Va. (WRIC) — A cloud of uncertainty hangs over CoStar’s plans to construct a new office building in downtown Richmond meant to house more than 3,000 employees following City Council’s decision Monday to kill the $1.5 billion Navy Hill proposal.
In January, Mayor Levar Stoney and Navy Hill developers touted a partnership with CoStar Group, Inc., a commercial real estate information and analytics company, to develop a more than 400,000 square foot office building next to the proposed arena that would have replaced the shuttered Richmond Coliseum. The deal was expected to create more than 2,000 new jobs over the next five years in the area.
Andy Florance, founder and CEO of CoStar Group, told 8News that the company was “excited” by the project’s potential but that they respect the council’s judgement. Despite the City Council’s 5-4 vote to scrap the Navy Hill plan from its docket, CoStar still plans to expand with new offices and is eyeing Richmond as a possible landing spot.
“We have a great team of 1,000 staff in Richmond and we hope to build on the success of that team,” Florance said in an email to 8News. “We are looking at several alternative sites including some in Richmond.”
While Richmond remains a potential site for CoStar’s new office tower, Florance said the company would also consider Henrico County.
This story is developing. Check back for updates.