The more than 60 acres that make up the Diamond District are bordered by Arthur Ashe Boulevard, Hermitage Road, the interstate and railroad tracks.
And then there were two.
The city of Richmond announced Friday that it has narrowed its finalist field for the Diamond District project from three development teams to two.
The remaining two teams are: Richmond Community Development Partners, led by Machete Group, JMA Ventures and Tryline Capital; and RVA Diamond Partners, led by Republic Properties Corp., Thalhimer Realty Partners and Loop Capital.
Vision300 Partners, led by Freehold Capital Management, with members including Brookfield Properties and Hourigan, is removing itself from contention.
A city statement said the cut was based on the project’s evaluation criteria. It does not specify which criteria the Vision300 Partners team did not meet.
The release indicates that the project evaluation committee continues negotiations with the two remaining teams. In an update to City Hall last week, administrators remained noncommittal on a timeline for a selection and announcement.
The city has compiled an FAQ with answers to questions related to project scope, evaluation panel and process, financing, baseball stadium, infrastructure and services, housing, community benefits and the adjacent development. The document is published on the project website.
The winning team will work with the city to redevelop the 67-acre, largely city-owned site, which includes The Diamond and VCU-owned Sports Backers Stadium. The 37-year-old Diamond has been deemed unviable for renovation and would be replaced by a new 10,000-capacity stadium that would anchor the largest mixed-use development.
The city’s application calls for office, residential, retail, a hotel and infrastructure improvements. The residential component would consist of homes for rent and for sale aimed at a combination of income levels.
This is a breaking news alert. Stay tuned to BizSense for more on this developing story.
