5 teams interested in City Center redevelopment project

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.

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