City finds $10 million funding gap in cost of Diamond District infrastructure after scope change
VENN
RICHMOND, Va. (WRIC) -- A $10 million funding gap was noted in the cost of infrastructure for the Diamond District development after a change in the project's scope during a meeting of the Richmond Finance and Economic Development Standing Committee on Wednesday.
Angie Rodgers, director of economic development, presented an update on the Diamond Development, including the CarMax Park, to the Richmond Finance and Economic Development Standing Committee during a meeting on Wednesday, Sept. 17.
The project has a total budget of $350.1 million -- $43.3 million of which is for public infrastructure and $306.8 million for private infrastructure.
Rodgers noted that a change of scope in the project, mainly entailing a change in traffic signals and stormwater improvements added later on, has created a $10 gap in public infrastructure funding.
Rodgers added that the gap could be filled by funds from the Central Virginia Transportation Authority (CVTA) funds, future Capital Improvement Plan (CIP) funds and/or project scope adjustments, but solutions are expected to be discussed in more detail in the future.
"My anticipation is that we should be able to go into 2026 and provide some additional context, some additional information about exactly how we are planning to fill that gap," Rodgers said.
(Courtesy of the City of Richmond)
Rodgers said that as the project is in its beginning stages, major structural construction on CarMax Park is complete, and interior work is well underway, adding that both the stadium and the development are on track to be completed on time.
In addition, construction continues on buildings and roadways for the mixed-use areas in the development that serve housing, hotels and retail spaces.
(Courtesy of the City of Richmond)
Further, Rodgers said minority businesses participating and workforce development programs are active, and progress has been made regarding community engagement and hiring.
