New agreement appears to move forward Diamond District, stadium
Jeremy M. Lazarus | 9/21/2023, 6 p.m.
A breakthrough in negotiations has put the $2.4 billion Diamond District deal back on track, the Free Press has learned.
While details have yet to be released, the Free Press has been told that an agreement has been reached on a centerpiece of the project, a new baseball stadium for the Richmond Flying Squirrels, the Double A affiliate of the major league San Francisco Giants.
Despite positive statements from City Hall, an agreement on the stadium remained incomplete and created a roadblock.
The new agreement appears to end an impasse over the size and financing for the stadium that will replace the current ballpark known as The Diamond, insiders explained. City Hall has not yet commented.
Along with the new stadium, the lead developer, RVA Diamond District LLC, is proposing a diverse array of offices, apartments, condos, retail outlets and a public park on the 67 acres of mostly city-owned land bounded by Arthur Ashe Boulevard, Robin Hood Road, Hermitage Road and railroad tracks.
The project is regarded as the largest single development project in city history, though most of the tax revenue to be derived is earmarked to repay the cost of the new stadium, expected to run $80 million or more.