What’s the next big thing for Richmond now that the $565 million casino-resort project for South Side and the $1.5 billion Navy Hill project for Downtown are kaput?

The answer is the Diamond District, so it appears.

That’s the new name for about 60 acres of city-owned property on Arthur Ashe Boulevard where The Diamond baseball stadium, Arthur Ashe Jr. Athletic Center, a softball field and a recycling center now stand.

City Hall is focusing once again on transforming the property with a major redevelopment that was first envisioned 15 years ago but stalled five years ago.

There still are major question marks, however, including the thorniest: How to pay for a replacement baseball stadium to keep a minor league team in the city.

This is far from the only project going on in a booming city. Virginia Commonwealth University alone is planning $1.2 billion in new construction through 2028. Public housing communities are being targeted for transformation into mixed-income neighborhoods from the East End to Gilpin Court and South Side. Plans are afoot for redevelopment of the Coliseum area near City Hall, and apartments and other private developments continue to rise in Manchester and other parts of the city.

But for the moment, Mayor Levar M. Stoney’s administration is focusing on the Diamond District, which potentially could yield a hefty $300 million to $400 million in apartments, offices and retail shops that potentially would return $6 million to $8 million annually in new tax revenue if all goes well.

Since at least 2012, taxpayers have invested $14 million to $20 million — city documents are unclear — to remove former city and school repair shops and offices from The Diamond site, clear old buildings and clean up the land for new development.

The prospects for new growth in this area are being enhanced by VCU’s plan to create over the next six to 10 years an $80 million to $100 million Athletic Village just east of the city property on 40 acres it has purchased between Robin Hood Road and Rhoadmiller Street. The proposed athletic complex would include tennis courts and facilities for soccer and track.

The city’s vision of a cluster of apartment buildings down Arthur Ashe Boulevard and crossing Robin Hood Road in place of the stadium and other aging buildings has been incorporated into the new Richmond 300 master plan and into a small area plan for Greater Scott’s Addition.

Greater Scott’s Addition stretches from Overbrook Road at Meadow Street west to Westwood Avenue, south to Broad Street and north to the interstate near Brookland Park Boulevard, and includes the city property and the fast-redeveloping Scott’s Addition that lies north of the Boulevard and east of Broad Street.

The city Planning Commission and City Council already have endorsed the conceptual vision for the area in approving those plans; so have private developers who have moved far faster than the city in ushering in change.

Already complexes involving more than 600 new residential units are in planning, under construction or already open along Overbrook and Hermitage Roads and on the west side of Arthur Ashe Boulevard.

Leonard Sledge, the city’s development director, has set up websites to showcase the Diamond District and has told City Council that his office plans to solicit developers interested in taking on this large project by the new year.

Whether the question marks turn into roadblocks remains to be seen.

Topping the list is the unsettled determination about financing the projected $60 million replacement for The Diamond, a 36-year-old baseball stadium. Since 2016, an agreement between the city, VCU and the Richmond Flying Squirrels baseball team left expectations that the team and VCU would pay the lion’s share since they would be the primary users.

In addition, there had been an expectation that the former headquarters and warehouse of the Virginia Department of Alcoholic Beverage Control at Robin Hood Road would be the site. Instead, the new stadium is to replace the 6-acre Sports Backers Stadium, which VCU owns and would replace with new facilities in its Athletic Village.

At a recent City Council committee meeting, Maritza Pechin, a deputy planning director in charge of the city’s Office of Equitable Development, advised that at least 60 percent of the stadium’s cost might fall on the city.

She indicated the city would need to consider using tax revenue from new development. That is known as a TIF or tax increment financing, the same idea advanced to pay for a new coliseum in the Navy Hill plan.

William J. Pantele, a former City Council president who came up with the idea to redevelop the site when L. Douglas Wilder was mayor, said he’s surprised the city will be on the hook for a new stadium that needs to be in place by 2025 if the team is to stay in Richmond.

Another big question is the fate of the Ashe Center, which occupies the key corner at Arthur Ashe Boulevard and Robin Hood Road and which is to be eliminated without being replaced.

According to Mr. Sledge, the city owns the building and can do what it wants. But Richmond School Board Vice Chair Jonathan M. Young disagrees, saying his understanding is that

Richmond Public Schools controls the building. He indicated there is a view that the city might need to make a seven-figure payment to get RPS to relinquish it.

Some council members, including Councilwoman Ellen F. Robertson, 6th District, also have questions about equity. She has urged the city to ensure any development would include benefits, such as jobs, income-restricted affordable housing for low-income residents and assurance that minority businesses would gain a share of construction and inclusion in business development.

The size of the development also is in question. Although Mr. Sledge says the Diamond District involves 67 acres, plans show only about half might be available for development.

The Greater Scott’s Addition plan shows a new green space with a walking trail slicing through the property, crossing the railroad tracks and linking to Leigh Street. The section of the property facing Hermitage Road is listed as an entertainment area that would include the new stadium.

Ms. Pechin said the city plans to evaluate the development responses it would receive.

How the questions are settled could determine whether the project advances easily or faces a fight.