Economic & Community Development News

November 9th, 2017

Richmond, VA- Mayor Levar M. Stoney today formally announced that the city has posted a Request for Proposals (RFP) to spur redevelopment of a significant portion of real estate located in the neighborhood north of Broad Street in downtown Richmond.

The RFP addresses a project area that is generally bounded on the west by North 5th Street, on the north by East Leigh Street, on the east by North 10th Street and on the south by East Marshall Street. The project area consists of properties that have been identified as an economic opportunity area in the Pulse Corridor Plan, which was recently adopted by City Council as part of the City’s Master Plan.

The North of Broad/Downtown Neighborhood Redevelopment Project will include a number of economic development components aimed at revitalizing underutilized city assets and improving the quality of life for Richmond residents in the areas of employment, housing and transportation.

Components to be addressed by potential respondents include:

* A replacement for the Richmond Coliseum

* Mixed income and affordable housing

* Local job creation and local hiring with Minority Business Enterprise and ESB participation goals

* A replacement of the GRTC transfer station

* A Convention Center hotel

* Historic preservation and adaptive reuse of the Blues Armory

“The goals of this RFP are bold,” said Mayor Stoney, but provide an opportunity to achieve a number of strategic objectives for the City. “To expand economic development and affordable housing opportunities; to generate revenue while achieving poverty mitigation through jobs and training; to provide historic preservation and community revitalization, to promote and support tourism, and to ensure sustainable development and investments in infrastructure.”

But Mayor Stoney made it clear that the City will not entertain any proposals that require the city to use its existing tax revenue or debt capacity to fund the project.  The City will not incur any moral or general obligation bonds to fund any private component of a proposal, but is willing to consider proposals that incorporate tax increment financing or the creation of special service districts.

“We have too much to do for schools, housing, roads and other city priorities to leverage our limited borrowing capacity for this redevelopment,” Mayor Stoney said.

Prospective developers will have 90 days to submit proposals. City officials expect this to be a highly competitive process. A copy of the RFP can be found here.

“We are setting a high bar for our respondents,” said Mayor Stoney. “But that’s what we have to do if we want true neighborhood revitalization. This is a great opportunity for our city, and we want all of Richmond to benefit. By leveraging City-owned land, we can achieve transformational change. We look forward to receiving proposals that will continue our growth and serve the best interests of Richmond.”The City of Richmond is please to release a Request for Proposal (RFP) for the North of Broad/Downtown Neighborhood Redevelopment Project, an opportunity to redevelop a major portion of the City's downtown area.



November 3rd, 2017

Men's Journal features an article describing Richmond as having "transformed from a relatively dry city into a micro beer mecca," ranking as one of the top craft breweries per-capita cities in the country. Learn more.

November 3rd, 2017

Richmond Bizsense reports that Net-zero engineering firm CMTA locates office in the city of Richmond's Scott's Addition neighborhood. Learn more.

November 3rd, 2017

The New York Daily News says on Friday, October 7th that "Richmond, Virginia is transforming from parochial to cool, and one of the East Coast's most intriguing cities." Read more.

November 3rd, 2017

Darling Magazine features the city of Richmond in it's September 9, 2017 article, "Why Old is New Again in Richmond, VA." Author Valeria L. Palmertree writes, "It quickly becomes apparent, as I hop from shop to gallery to coffeehouse to museum, that I'm exploring a hotbed of creativity. As I meet locals along the way, I excitedly realize that it's a hyper-creative class of female entrepreneurs who are painting the town with newfound style." Read more.

November 3rd, 2017

CoStar Group, the leading commercial real estate research company in the country, announces a $2.5 million gift for VCU to endow a chair in real estate analytics. Learn more.

November 3rd, 2017

Richmond, Virginia was ranked by fDi Intelligence's American Cities of the Future 2017/2018 as the third top mid-sized American city for economic potential, seventh for business friendliness, and third overall. Learn more.

November 3rd, 2017

The University of Richmond was ranked number 61 in the Wall Street Journal's list of top 1,000 colleges. Read more.

September 15th, 2017

Conde Nast Traveler magazine put together a list of the six best places to travel to in November and Richmond is number five on the list. Richmond was chosen chiefly for Fire, Flour & Fork, the four-day gathering for the food curious, which takes place Nov. 2-5. The magazine says, "Since it first started three years ago, four0day foodie fest has delivered boldfaced names from the kitchen world to cool-kid city Richmond." Read more.

September 15th, 2017

Thomson Reuters, an international media and information company, announced on September 6, 2017, that it would open a cyber fusion center in downtown Richmond. Richard Puckett, the company's vice president of security, operations and stategy said, "Virginia represents a large and diverse workforce opportunity...we're excited to get started with our operations here." Learn more.

City of Richmond
Economic & Community Development

Main Street Station
1500 East Main Street, Suite 400

Richmond, VA 23219