Developer group pulls out of Diamond District partnership
RICHMOND, Va. (WRIC) — One developer involved in Richmond's Diamond District project is backing out. A leader with the Diamond District Partners, LLC, said that Loop Capital's decision to leave the partnership was a last-minute one. Richmond Mayor Levar Stoney said during a press conference on Wednesday, Oct. 30, that the group leaving will not hinder plans downtown. According to Diamond District Partners, LLC, Loop Capital quietly made the decision to leave the joint partnership in May -- however, the group only made the news public at the end of October. Thalhimer Realty makes up the other half of the partnership and Stoney said he has faith in the reality group to see this project through. PREVIOUS: ‘A new beginning,’ Leaders break ground on Richmond’s Flying Squirrels’ new home “And we know the Thalhimer solely can handle the project on their own -- if the group gets a new partner, that's up to Thalhimer in the partnership," Stoney said. The group's decision to leave the joint partnership comes after the project was faced with delays and a lawsuit that is currently still in play. Thalhimer Realty sent 8News a statement that reads: We can confirm that Loop is not affiliated with Diamond District Partners, LLC. While Loop chose not to proceed, we continue to maintain a great relationship with them. Diamond District Partners, LLC is supported by Thalhimer Realty Partners, several component developers including Capstone Development, Pennrose, NixDev and M Companies as well as a deep bench of design and construction experts, all of whom are committed to the success of this project. The development program is in line with projects our team has completed over the last several years, and we're excited to build a new, successful Diamond District community with the Squirrels, VCU and the City as our partners. Thalhimer Realty Diamond District Partners, LLC, said that it will be moving forward on its own and does not plan on replacing the group in the future. “We are grateful for Loop's participation early on,” Stoney said. “They helped get the bonds sold. But, moving forward, this has no impact on the construction of the stadium or on [the project] at large. So we look forward to the full speed ahead on the Diamond District.” Officials said they anticipate starting the infrastructure phase of the project during the spring of 2025. Then, during the second half of the year, they will break ground for business. 8News reached out to Loop Capital for comment on the departure from the partnership but has not yet heard back.
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RICHMOND, Va. (WRIC) — One developer involved in Richmond's Diamond District project is backing out. A leader with the Diamond District Partners, LLC, said that Loop Capital's decision to leave the partnership was a last-minute one.
Richmond Mayor Levar Stoney said during a press conference on Wednesday, Oct. 30, that the group leaving will not hinder plans downtown.
According to Diamond District Partners, LLC, Loop Capital quietly made the decision to leave the joint partnership in May -- however, the group only made the news public at the end of October.
Thalhimer Realty makes up the other half of the partnership and Stoney said he has faith in the reality group to see this project through.
PREVIOUS: ‘A new beginning,’ Leaders break ground on Richmond’s Flying Squirrels’ new home
“And we know the Thalhimer solely can handle the project on their own -- if the group gets a new partner, that's up to Thalhimer in the partnership," Stoney said.
The group's decision to leave the joint partnership comes after the project was faced with delays and a lawsuit that is currently still in play.
Thalhimer Realty sent 8News a statement that reads:
We can confirm that Loop is not affiliated with Diamond District Partners, LLC. While Loop chose not to proceed, we continue to maintain a great relationship with them. Diamond District Partners, LLC is supported by Thalhimer Realty Partners, several component developers including Capstone Development, Pennrose, NixDev and M Companies as well as a deep bench of design and construction experts, all of whom are committed to the success of this project. The development program is in line with projects our team has completed over the last several years, and we're excited to build a new, successful Diamond District community with the Squirrels, VCU and the City as our partners. Thalhimer Realty
Diamond District Partners, LLC, said that it will be moving forward on its own and does not plan on replacing the group in the future.
“We are grateful for Loop's participation early on,” Stoney said. “They helped get the bonds sold. But, moving forward, this has no impact on the construction of the stadium or on [the project] at large. So we look forward to the full speed ahead on the Diamond District.”
Officials said they anticipate starting the infrastructure phase of the project during the spring of 2025. Then, during the second half of the year, they will break ground for business.
8News reached out to Loop Capital for comment on the departure from the partnership but has not yet heard back.
