Richmond City Council takes next steps in redeveloping Coliseum
RICHMOND, Va. (WWBT) - Monday night, Richmond City Council voted unanimously to transfer the ownership of the Richmond Coliseum to the Economic Development Authority to help redevelop the 50-year-old arena.
The agreement creates a timeline of development, which starts with the authority looking for a developer over the next six months to purchase the more than 7-acre piece of city property.
”The EDA has a two-year window to get this done, so I’m sure they’re busy tonight,” Ellen Robertson, council vice president, said.
Once sold, the new owner will need to demolish the arena within one year, and any environmental remediation must be done.
After demolition, the city would then like to see the area redeveloped in the next three and a half years, with a future that coincides with the city’s new City Center Plan that includes a mix of homes and businesses.
“We’re hoping that we’ll get a nice hotel out of it to support the convention center, which is something we’ve been hoping for, for years,” Robertson said is one of the ideas.
According to the agreement, if the authority cannot find a new owner in two years, the property will be returned to the city.
It’s a task the city council showed its full support for that it can be done after Monday’s vote.
“This is a very positive move, and it sends the right message to the development community that this land is ready for development,” Robertson said. “We expect and hope that we are going to get some nice opportunities to move forward with this development.”
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