RICHMOND, Va. (WRIC) – The Richmond Coliseum has been shuttered for years but plans to have it demolished and to redevelop the downtown property where it has been for decades took a key step forward Monday.

The Richmond City Council approved ordinances to transfer the 7.36-acre parcel to the city’s Economic Development Authority (EDA) and to allow Lincoln Saunders, Richmond’s chief administrative, to reach an agreement on behalf of the city with the EDA to facilitate the redevelopment project.

The council’s votes to adopt the plans Monday opens the window for the EDA to request proposals from development teams looking to buy and redevelop the property. They come more than two years after the city council rejected Richmond’s initial plan to replace the Coliseum: the $1.5 billion Navy Hill project.

Within six months, the EDA must initiate a solicitation process to sell the downtown property. The new owner must demolish the Coliseum and complete any needed environmental remediation within 12 months, according to the city’s plan.

The new owner must also complete the development of the parcel within three and half years (42 months) of its sale. The Richmond Coliseum opened in 1971 and closed its doors in 2019.

In February 2020, the council voted down an effort to replace the Coliseum and redevelop the area around it. The Navy Hill project proposed a 17,500-seat area to replace the Richmond Coliseum, along with apartments, a hotel, restaurants and more commercial space.

This story is developing. Check back for updates.