RICHMOND, Va. (WRIC) — The city of Richmond has picked a developer for its Diamond District project, an effort that calls for the redevelopment of a 67-acre site between Hermitage Road and Arthur Ashe Boulevard and the replacement of The Diamond baseball stadium.

The city announced the selection of RVA Diamond Partners as its development partner for the project. A resolution choosing RVA Diamond Partners as the project’s developer will be introduced during the Richmond City Council meeting on Monday.

“This proposal meets our goals to equitably revitalize an underdeveloped part of our city and maximize its potential to enhance the quality of life for all Richmonders,” Mayor Levar Stoney said in a statement.

The project aims to replace The Diamond baseball stadium and transform the nearby area into a space that could have shops, apartments, restaurants and more. Richmond received 15 proposals for the redevelopment of the city’s Diamond District, a 67-acre, publicly-owned property between Hermitage Road and Arthur Ashe Boulevard, since last February.

RVA Diamond Partners’ proposed project will start the design phase of the new baseball stadium “as soon as possible with a commitment to purchase the first $20M of bonds to finance the new baseball stadium,” according to the city.

The proposal from RVA Diamond Partners will also create an 11-acre park and provide that 20% of rental units built will be available to households earning between 30%-60% of the area’s median income. At least 100 of these units will be open for project-based vouchers for public housing residents, according to the city.

“Commitments to affordable housing, minority business engagement, publicly accessible open space and a new ballpark mean that the Diamond District will be enjoyed by, built by, and benefit all residents of our city,” Stoney continued. “The Diamond District has long been a diamond in the rough. I look forward to seeing it shine.”

Twenty-percent of the project’s homeownership units will be for households earning between 60%-70% of the area’s median income. The proposal will also provide a $1 million fund to help affordable home buyers with closing costs and other expenses.

RVA Diamond Partners has a development team made up of Republic, Loop Capital, Thalhimer Realty Partners, Pennrose, NixDev, Southside Community Development, Capstone, M Companies and JMI Sports.

According to its proposal, the design team will be led by SOM, Nelson Byrd Woltz, KEi, 510 Architects, Poole & Poole and Hickok Cole. Stadium design will be overseen by the DLR Group.