RICHMOND, Va. — Two out-of-town development groups are helping shape the plan to replace the ailing Richmond Coliseum with a new arena, which would anchor a larger redevelopment of the surrounding blocks of the city.
The group of local corporate heavy hitters behind those plans has retained as Fairfax-based Concord Eastridge and CEO Susan Eastridge, along with Michael Hallmark and his Los Angeles-based Future Cities as master developers of the massive project.
Jeff Kelley, a spokesman for the group of businessman and private investors pushing the plan, confirmed the involvement of Eastridge and Hallmark.
“Susan and Michael have been involved in identifying possible ways to replace the Richmond Coliseum, which currently costs the city around $1 million in annual subsidies,” Kelley said in a prepared statement. “A private team in Richmond continues to study options, perform due diligence and ensure a pathway to success before publicly discussing details.”
That private team includes Dominion Energy CEO Tom Farrell, Altria CEO Marty Barington and C.T. Hill, retired head of SunTrust’s Mid-Atlantic operations, among others.
The private backing, along with support of the area’s corporate community – Dominion is eyeing naming rights for the new arena – would be key to bringing the project to fruition on what is currently mostly city-owned land.
The whole plan, should it materialize, could unlock for revitalization much of the acreage bound by North Fifth, East Marshall, North 10th and East Leigh streets. The properties that could be included are all city-owned through various departments, and encompass about 17 acres, the largest chunk of which is 7 acres housing the city-owned Coliseum.