5 teams interested in City Center redevelopment project

Published: Dec. 21, 2022 at 5:51 PM EST
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RICHMOND, Va. (WWBT) -Five development teams are interested in replacing the Richmond Coliseum.

Tuesday, Dec. 20, was the deadline to submit a “request for interest” in the city center redevelopment project, which includes new housing and retail space and a long-sought hotel to support the convention center.

Richmond received the following teams who expressed their interest:

  • Capstone Development, LLC
  • City Center Gateway Partners
  • Lincoln Property Company
  • Richmond Community Development Partners
  • Sterling Bilder, LLC

The City Center Evaluation Panel (“Evaluation Panel”) will assess each team’s submitted proposal based on the evaluation criteria, including:

  • Development team qualifications – financial capability, years of experience, diversity of the team
  • Experience with urban mixed-use projects – experience with urban mixed-use redevelopment projects and proven capacity to deliver project requirements
  • Equitable development benefits – employment opportunities, affordable housing, sustainability and resiliency
  • Project understanding – a solid understanding of accomplishing the city’s goals
  • Financing approach – having provided a financing approach that minimizes public investment.

The city will now review the applications, but they’re expected to pick which groups will move forward until next winter.