Co-Star plans to move into proposed Navy Hill development, add 2,000 new jobs
RICHMOND, Va. (WWBT) - A major Richmond-area employer is planning to move into the controversial Navy Hill development in Richmond.
Mayor Levar Stoney joined city leaders and executives from Co-Star for Monday morning’s announcement.
Stoney said Co-Star plans to add more than 2,000 new jobs - within the next five years - when it moves into 400,000 square feet of office space.
The $1.5 billion Navy Hill project, as a whole, is a bit of a lightning rod for the Mayor.
Stoney has faced lots of questions about how the project will be paid for and the scope of the return on investment.
On Monday, the mayor defended Navy Hill and cited the Co-Star commitment as an example.
"Navy Hill allows us to be competitive with other metros across the country, grow tax base, bring new jobs to downtown Richmond,” said Stoney.
Last year, city council appointed the Navy Hill Development Advisory Commission. Their report on the plan says the $1.5 billion project poses a risk to the city’s General Fund and school system.
Council is expected to make a final decision on the Navy Hill project in February.
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