Co-Star plans to move into proposed Navy Hill development, add 2,000 new jobs

Co-Star plans to move into proposed Navy Hill development, add 2,000 new jobs
Mayor Levar Stoney joined city leaders and executives from Co-Star for Monday morning’s announcement. (Source: NBC12)

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.

Mayor Stoney makes major economic development

NAVY HILL DEVELOPMENT: In City Hall, Mayor Stoney announcing CoStar as a partner in the proposed #navyhill project.

Posted by NBC12 on Monday, January 13, 2020

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.

One of several renderings released of the completed Navy Hill development.
One of several renderings released of the completed Navy Hill development. (Source: City of Richmond)

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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