RICHMOND, Va. — Plans are moving forward to transform a portion of Richmond. Monday night, city council members voted on business terms for the development of the "Diamond District."
Council members voted unanimously in support of the minimum terms and conditions in connection with the redevelopment of 67 acres in Scott's Addition.
This vote allows the city to start working on written agreements with the chosen developers RVA Diamond Partners LLC. Those written agreements are expected to be presented to the council for another vote later this fall.
The $2.4 billion project includes a new baseball stadium for the flying squirrels, two hotels, mixed-income housing, and business and retail space.
The city said the work will be funded partially with bonds. The bonds are expected to be repaid with revenues created from the project.
Richmond Mayor Levar Stoney released the following statement after the vote:
“I applaud City Council’s unanimous vote tonight approving RVA Diamond Partners LLC as the developer for the Diamond District. My Administration and Council have worked together diligently to deliver not only the largest economic development project in city history, but also the most equitable. A project that will provide quality jobs, affordable housing and public amenities benefiting all Richmonders. Working together, we will continue to move our city forward.”
