Jan 3, 2023 - Real Estate

2 big development deals happening in Richmond in 2023

Illustration of the Axios logo moving sideways like a rightward arrow, and revealing the year 2023 over a field of blue and black streaks.

Illustration: Brendan Lynch/Axios

The new year is already shaping up to be a big one for Richmond. Two big deals that could reshape the city are likely to be decided early this year.

Why it matters: Richmonders in 2023 could finally know the future of the Coliseum site and whether a proposed South Richmond casino will again appear on locals' ballots.

🏗 Coliseum redevelopment

Five proposals came late last month to redevelop City Center Innovation District, a 9.4-acre area downtown that includes the long-shuttered Richmond Coliseum, Blues Armory and 6th Street Marketplace (RIP).

The city's requirements for proposals include:

  • Demolition of the Coliseum (which has been closed since 2019).
  • Building a minimum 500-room hotel to support the convention center.
  • And public green space that could host concerts, festivals and a seasonal ice skating rink.

The responding development teams include:

  • Capstone Development, a Maryland-based real estate development company that's part of the Diamond District redevelopment team.
  • Sterling Bilder, a Richmond-based developer that submitted a rejected bid for an alternative to the city's failed $1.5 billion Navy Hill redevelopment proposal.
  • City Center Gateway Partners, a consortium of groups that includes Richmond-based Shamin Hotels, per Richmond BizSense.
  • Lincoln Property Company, a Dallas-based real estate developer.
  • Richmond Community Development Partners, a runner-up for the Diamond District deal.

What's next: An evaluation panel of city officials will review the phase one proposals and invite a few teams to submit more detailed plans this winter.

ğŸŽ° Casino, take … 125

Richmond or Petersburg — or Richmond and Petersburg? The fight for which city — or the possibility that both cities — will get the green light to proceed with plans for a casino heads to the General Assembly this session. Again.

Will Richmond get a second bite at the casino apple after voters narrowly rejected one in 2021 and the General Assembly barred the city from trying again last year?

  • And if so, will Richmond voters like the same proposal any better this time around?

Petersburg voters seem likely to approve a casino if state lawmakers allow it, but even having the option may be contingent on Richmond being denied a do-over.

What's next: The General Assembly convenes on Jan. 11 and is set to wrap up Feb. 24, so it's in lawmakers' hands until then.

avatar

Get more local stories in your inbox with Axios Richmond.

🌱

Support local journalism by becoming a member.

Learn more

More Richmond stories

No stories could be found

Richmondpostcard

Get a free daily digest of the most important news in your backyard with Axios Richmond.

🌱

Support local journalism by becoming a member.

Learn more