18 acres sold, transferred for Richmond’s Diamond District redevelopment project
VENN
RICHMOND, Va. (WRIC) -- The City of Richmond has announced that an 18-acre plot of land has been sold and transferred as part of the Diamond District redevelopment project.
According to the city, the plot, "Phase 1A" will include six acres of public infrastructure like streets and parks, which Diamond District Partners, LLC (DDP) will convey back to the city and its Economic Development Authority (EDA) after it's completed.
About 12 acres will become a private development that will reportedly include a 180-room hotel, 161 "workforce" housing units, 730 "market-rate" housing units and 30,000 square feet of commercial space.
The next phases will include an additional 177 "affordable" units, 625 market-rate units and 126,000 square feet of commercial space, according to the city.
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The city said the parcel of land sold for $11.4 million per the terms of the approved Purchase and Sale and Development Agreement between DDP and the EDA. An additional payment by DDP to the EDA of $500,000 will reportedly help to reimburse the EDA for the costs to administer the Diamond District RFP process.
CarMax Park, the future home of the Richmond Flying Squirrels, is under construction and is scheduled to open in 2026, according to the city.
Breaking ground on the public infrastructure for the project is reportedly expected in the coming months as permits are released. The public infrastructure will provide utilities and access to CarMax Park as well as private development parcels.
