Here’s where Richmond’s Diamond District redevelopment stands

RICHMOND, Va. (WRIC) — Here's what we know about where things stand with Richmond’s Diamond District redevelopment, as of the opening of CarMax Park in early April.

According to Director of Economic Development Angie Rodgers, work is still going to complete the "Stadium District" that will support CarMax Park. Multi-family housing, office, retail, and restaurants will be built around the ballpark.

Delivery of infrastructure starts in 2027, with vertical development deliveries in phases starting from 2028 through 2030. 

“When you approach major revitalization, like we've approached for this area, it can take sometimes a decade to fully deliver,” said Rodgers.

Rodgers said these tasks will be done in phases: 1A, 1B, 1C, through 2032, with other phases coming in years later. 

On Feb. 23, city council leaders voted to lend $14.7 million from the city's emergency reserve to support redevelopment.

"The $14.7 million is the last amount that we expected to have to go to City Council for action related to 1A,1B and 1C,” Rodgers said. “These are funds that the city always knew we needed to plug into these deals."

On Sept. 17, 2025, a $10 million funding gap was noted in the cost of infrastructure for the Diamond District development. Rodgers said that money was used to purchase the Sports Backers Stadium from VCU.

"The city knew for a few months that the amount for the infrastructure was going to come in above and beyond what had been bonded by the city. We turned to our regional partnership for assistance,” said Rodgers. "Back in 2024, to purchase the Sports Backers Stadium for $25 million, we knew that we had $11 million on hand through the EDA. So, we knew we needed to problem-solve for additional funds."

Rodgers said the stadium will be a $130 million investment, and the city will net more than $400 million in revenue over the next 30 years.

“If you think about having quality, recreation spaces that are free to residents to use, if you think about all of the festivals and all of the things that make Richmond a really great place to live, we have to pay for that, in some way,” Rodgers said.

“We feel like it's a pretty safe risk," Rodgers said. "We've got a lot of financial analysis that backs up this fact that residents won't be left holding the bill for this because the project is going to make four times the amount of money that we put into it."

Lifetime Richmond resident Timoria Davis said she used to come to the old Diamond Stadium frequently as a kid and said redevelopment will make the river city a destination everyone will love.

“I'm excited for it," Davis said. "I came out here to see what the development was going to be. It would be something for tourists. Some people who don't know Richmond, Richmond is for lovers. So, it will bring a different type of feeling to Richmond so that people won’t be afraid to come to Richmond. We’ll have some things that'll be a good attraction for Richmond.”   

As for the old Diamond stadium, Rodgers said it will be torn down for mixed-use development after Phases 1A, 1B and 1C are complete.