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.


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