And then there were two.
The City of Richmond announced Friday it has narrowed its finalist field for the Diamond District project from three development teams to two.
The two remaining 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.
Eliminated from contention is Vision300 Partners, led by Freehold Capital Management with members including Brookfield Properties and Hourigan.
A release from the city states 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 states that the project’s evaluation panel continues negotiations with the two remaining teams. In an update to the City Council last week, administrators remained noncommittal on a timeline for a selection and announcement.
The city has compiled an FAQ with responses to questions related to the project scope, evaluation panel and process, financing, baseball stadium, infrastructure and services, housing, community benefits, and adjacent development. The document is posted on the project’s website.
The winning team will work with the city to redevelop the 67-acre, largely city-owned site, which includes The Diamond and the VCU-owned Sports Backers Stadium. The 37-year-old Diamond has been deemed unfeasible for renovation and would be replaced with a new 10,000-capacity stadium that would anchor the larger mixed-use development.
The city’s solicitation calls for office, residential, retail, a hotel and infrastructure upgrades. The residential component would consist of rental and for-sale homes targeted to a mix of income levels.
This is a breaking news alert. Stay tuned to BizSense for more on this developing story.