RICHMOND, Va. (WRIC) — After a competitive selection process, the City of Richmond has announced RVA Diamond Partners LLC as the city’s development partner to begin work on redeveloping the Diamond District.
Richmond began the planning process for this development with 15 submissions from around the country. Since last February, each developer has been carefully reviewed to see who will best align with the vision that the city has for this project, according to the officials. In a city council meeting on Monday, the city introduced the selection of RVA Diamond Partners to create a place where Richmonders can live, work, and play.
According to city officials, current details for the redevelopment plan are as follows:
- The design phase of the baseball stadium will begin as soon as possible with a commitment to purchase the first $20M of bonds to finance the new baseball stadium.
- A master plan approach will be provided to create a strong sense of place with a balance of open space, walkable blocks, and a mixed-use, mixed-income development program that celebrates the baseball stadium as an important anchor and honors the legacy of Arthur Ashe, Jr.
- An 11-acre signature park will be created that is envisioned to be a place for all Richmonders to enjoy with several distinct areas and programming planned throughout the year.
- 20% of the rental units to households earning between 30% – 60% of the area median income (AMI), with at least 100 of the units will be provided with project-based vouchers for public housing residents.
- 20% of the homeownership units will be provided to households earning between 60% – 70% of AMI and funding a $1 million fund that will assist affordable home buyers with closing costs and other transaction expenses.
- A diverse ownership team that includes 45% MBE ownership will be showcased.
- MBE/ESB business will be sought out for the project from ownership and development to construction and operations, maintenance, and leasing inclusive of employment, contracting, and leasing.
- There are also intentions to partner with the Richmond Public School Board to develop a Technical Training Center at the Maury Street and Richmond Highway former Altria site to create an available workforce with sufficient experience to support the development of the Diamond District, and other development projects throughout the city.
The Council is now undergoing its typical review process and plans to make a final vote at the City Council meeting on September 26, 2022. Once the resolution is approved, the City and RVA Diamond Partners will use the term sheet as the basis for developing the definitive written agreements, which will be brought back to Council for final approval later this fall.
In the coming weeks, the city will host public meetings to hear any questions or concerns.
The first of which will be an in-person meeting hosted by the city to give an overview of the selection process and the project, and answer questions. Details for this event are as follows:
- Wednesday, Sept. 14, 2022, at 6:00 p.m.
- Bon Secours Training Center (2401 W. Leigh St)
- The meeting will be also simulcast on Microsoft Teams Live: meeting link.
The other opportunity for public engagement will be a telephone town hall, giving an overview of the project and answering community questions. Details for this event are below:
- Tuesday, Sept. 20, 2022, at 6:30 p.m.
- To register for the telephone town hall click here.
Members of the public can also provide questions or comments on the project by filling out this online form.