In 2017, the City of Richmond, Virginia issued an RFQ for the redevelopment of its downtown core, which included the replacement of the aging Richmond Coliseum and the renovation of the historic Blues Armory.
In response, Future Cities and Concord Eastridge, operating as Capital City Partners, LLC partnered with local business and civic leaders to form the Navy Hill District Corporation and were awarded the right to negotiate with the City for the execution of $1.5 Billion development plan. Capital City Partners, LLC is currently leading this public/private development consortium in the conceptual planning, finance, and redevelopment of Navy Hill.
The project is currently in review by the Richmond City Council, with final approval expected in the Fall of 2019. Highlights of the project includes the replacement of the existing Richmond Coliseum with a new state-of-the-art Arena, repurposing of the historic Blues Armory, and the development of the adjacent publicly-owned land within an identified tax increment district that will serve in underwriting bond financing for the new arena.
The area of greatest redevelopment concentration is a ten-block area bounded by Marshall and Leigh Streets, and by 5th and 10th Streets within the City Center of Richmond and is adjacent to the region’s most important offices and workplaces, as well as some of its most revered historic places: Court End and the Valentine Museum, the John Marshall Home, VCU’s Medical College of Virginia (MCV) Campus, the Virginia Biotechnology Research Park, Greater Richmond Convention Center, City Hall, Capitol Square, government and institutional buildings, as well as the financial district.
When complete, the project will include a new 17,500 seat arena, a 500-room convention center hotel 250,000 s.f. of office space, 500,000 s.f of medical research facilities, over 2,000 multi-family residential units, and 200,000 s.f. of retail and a new regional transit hub.