Taking part in Thursday’s ceremony were, from left: former mayor Levar Stoney, Mayor Danny Avula, Thalhimer principal Jason Guillot, City Councilmember Katherine Jordan and acting EDA director Matt Welch. (Jonathan Spiers photos)
With construction on its anchor baseball stadium serving as a backdrop, the rest of the larger Diamond District development got a ceremonial start to its initial phase on Thursday.
Richmond officials past and present joined the project’s developers for a groundbreaking that kicks off the first section of the mixed-use portion of the $2.4 billion redevelopment of 67 acres around and including The Diamond, which the Richmond Flying Squirrels’ new CarMax Park will replace.
The mixed-use development will start with four new buildings that will rise around the new ballpark: an adjacent 20,000-square-foot retail building, a 280-unit market-rate apartment building, 161 units of lower-priced housing, and a 180-room hotel. All are targeted for completion in 2027.
Also part of the initial phase is a multi-tenant “trophy” office building that is planned for five floors and over 87,000 square feet but could rise as high as 12 floors and over 260,000 square feet, depending on demand.
Jason Guillot, a principal with Thalhimer Realty Partners who is leading the Diamond District Partners development team, said the building would be the first trophy office space built in the city since the pandemic.
“If any of you here today are interested in upgrading your office space, please give us a call,” Guillot said, drawing chuckles from the crowd.
Jason Guillot addressing the crowd.
Guillot noted the long road to get to the groundbreaking that started with the city’s selection of a developer for the project three years ago. Since then, the development team’s makeup has changed, prompting lawsuits, the project’s financing plan was changed and the project itself was revamped.
Acknowledging those challenges, Guillot told the crowd: “There were absolutely moments where the project could have failed, full-stop. Standing here today, I can tell you that in moments of uncertainty, especially last year, Thalhimer’s executive team, led by our CEO Lee Warfield, went all in and backed Diamond District Partners with Thalhimer’s financial resources and, most importantly, its experienced 400-plus-person team all supporting the cause.
“Large projects like these come with a lot of complexity and risk, and they also require a lot of money and capital. We would not be standing here where we are today without the unwavering support from our local ownership group,” Guillot said. “They decided to buy into this vision and trust our team, and we are forever grateful.”
Former Mayor Levar Stoney, whose administration pushed the project after previous attempts failed, noted the work put into it so far and the 15 years that have passed since the Richmond Flying Squirrels were promised a new ballpark when the ballclub came to town.
“Today, we get to see the beginning of a dream that started a long time ago and is a vision that has evolved over many years,” Stoney said at the event. Noting nearby development that has been spurred by the Diamond District, Stoney added: “As you can see already, it is coming to life right before our eyes.”
A northward view of the Diamond District site shows the future CarMax Park under construction beside The Diamond, which it will replace, and Sports Backers Stadium. (Skyshots Photography)
Construction on CarMax Park, which is scheduled to open next spring, has been underway for months and is being led separately by the Flying Squirrels’ ownership group, which is developing the 10,000-capacity stadium that’s projected to cost over $117 million.
The bulk of that cost is being funded by bonds that the city locked in last year and are to be paid using incremental tax revenue generated by the surrounding mixed-use development. The city took on the debt obligation for the $170 million in bonds when the project’s financing approach was changed last year.
Diamond District Partners is leading the non-ballpark mixed-use part of the project and is signed on to develop an initial 30-acre phase, starting with 18 acres around and east of the CarMax Park that make up the first of three planned subphases. Thursday’s ceremony came a month after those 18 acres were transferred to Diamond District Partners, which purchased the land from the city for $11.4 million.
Under the project’s development agreement, Diamond District Partners could end up paying $25 million for the entire first phase, though it is only committed to purchasing the initial 18-acre subphase. The group would have options to buy the rest of the land in the first phase: $5.7 million for 5.7 acres, and $7.9 million for 2.3 acres that includes the existing Sports Backers Stadium, which will be demolished.
(Images courtesy Diamond District Partners)
Phase 1A, which is now underway, is to total 30,000 square feet of commercial space and nearly 900 housing units between the market-rate apartments and the 161 lower-priced units, which will be targeted to households at 60 percent of the area median income.
Two more apartment buildings are planned after the initial 280-unit one, each with ground-floor retail that would contribute to the commercial space total. The second apartment building is targeted for 2029, and the third for 2031.
A massing-study rendering of the 280-unit apartment building.
A development plan for the first apartment building was filed with the city this week.
The residential buildings will rise southeast of the ballpark, filling the Diamond District’s southeast corner. The first two apartment buildings will include parking decks that will be built to provide three spaces for every 1,000 square feet of rentable space.
Existing lots around The Diamond, which will later be demolished, would provide parking for CarMax Park and other buildings as additional parking decks are built over time.
The office building is planned for five stories but could rise higher based on demand.
The office building is planned between the ballpark and the first apartment building. It would have views of the ballpark and provide opportunities for tenant signage that would be visible from the ballpark. It also would include a fitness center with showers and a rooftop patio with indoor-outdoor entertainment space.
The hotel is planned at the northwest corner of CarMax Park, where a new east-west road will provide an entrance to the Diamond District off Arthur Ashe Boulevard. Capstone Development is developing the hotel and is in talks to make it a Hilton-brand hotel, Guillot said.
Capstone, which also is vying for Richmond’s City Center development project, would purchase the hotel site from Diamond District Partners, Guillot said. Designs have not been released for the hotel, which would include a restaurant, lobby bar and a rooftop bar overlooking the ballpark.
A rooftop view of the ballpark.
The 20,000-square-foot retail building would face the new east-west road on the north side of the ballpark. Five more roads and 6 acres’ worth of infrastructure and park space also are planned for Phase 1A.
Phase 1B, which includes part of the current Diamond property, is planned for 335 housing units, 12,400 square feet of commercial space, infrastructure and park space. That subphase would also involve the demolition of Sports Backers Stadium and The Diamond. Phase 1C involves 467 housing units, over 100,000 square feet of commercial space, and infrastructure and park space.
After the 30-acre first phase is completed, the remaining 27 acres of the mixed-use development would be sold and developed in subsequent phases. The agreement gives Diamond District Partners first right of refusal on any offer the city might receive on other land in the project site, with the city agreeing to sell that land to the group at the offer received.
Diamond District Partners is led by Thalhimer Realty Partners and includes Capstone, residential developers Pennrose and NixDev, design firms Baskervill and KEI Architects, J&G Workforce Development, and contractors Prestige Construction, M Companies and Whiting-Turner, among other firms.
Campfire & Co. developed Diamond District branding that was displayed Thursday’s ceremony. The branding includes a diamond-style logo that resembles the shape of the 67-acre project site, as well as a tagline: “Diamond District | Find Your Home Base.” The development group has also launched a Diamond District website at rvadiamond.com.
Taking part in Thursday’s ceremony were, from left: former mayor Levar Stoney, Mayor Danny Avula, Thalhimer principal Jason Guillot, City Councilmember Katherine Jordan and acting EDA director Matt Welch. (Jonathan Spiers photos)
With construction on its anchor baseball stadium serving as a backdrop, the rest of the larger Diamond District development got a ceremonial start to its initial phase on Thursday.
Richmond officials past and present joined the project’s developers for a groundbreaking that kicks off the first section of the mixed-use portion of the $2.4 billion redevelopment of 67 acres around and including The Diamond, which the Richmond Flying Squirrels’ new CarMax Park will replace.
The mixed-use development will start with four new buildings that will rise around the new ballpark: an adjacent 20,000-square-foot retail building, a 280-unit market-rate apartment building, 161 units of lower-priced housing, and a 180-room hotel. All are targeted for completion in 2027.
Also part of the initial phase is a multi-tenant “trophy” office building that is planned for five floors and over 87,000 square feet but could rise as high as 12 floors and over 260,000 square feet, depending on demand.
Jason Guillot, a principal with Thalhimer Realty Partners who is leading the Diamond District Partners development team, said the building would be the first trophy office space built in the city since the pandemic.
“If any of you here today are interested in upgrading your office space, please give us a call,” Guillot said, drawing chuckles from the crowd.
Jason Guillot addressing the crowd.
Guillot noted the long road to get to the groundbreaking that started with the city’s selection of a developer for the project three years ago. Since then, the development team’s makeup has changed, prompting lawsuits, the project’s financing plan was changed and the project itself was revamped.
Acknowledging those challenges, Guillot told the crowd: “There were absolutely moments where the project could have failed, full-stop. Standing here today, I can tell you that in moments of uncertainty, especially last year, Thalhimer’s executive team, led by our CEO Lee Warfield, went all in and backed Diamond District Partners with Thalhimer’s financial resources and, most importantly, its experienced 400-plus-person team all supporting the cause.
“Large projects like these come with a lot of complexity and risk, and they also require a lot of money and capital. We would not be standing here where we are today without the unwavering support from our local ownership group,” Guillot said. “They decided to buy into this vision and trust our team, and we are forever grateful.”
Former Mayor Levar Stoney, whose administration pushed the project after previous attempts failed, noted the work put into it so far and the 15 years that have passed since the Richmond Flying Squirrels were promised a new ballpark when the ballclub came to town.
“Today, we get to see the beginning of a dream that started a long time ago and is a vision that has evolved over many years,” Stoney said at the event. Noting nearby development that has been spurred by the Diamond District, Stoney added: “As you can see already, it is coming to life right before our eyes.”
A northward view of the Diamond District site shows the future CarMax Park under construction beside The Diamond, which it will replace, and Sports Backers Stadium. (Skyshots Photography)
Construction on CarMax Park, which is scheduled to open next spring, has been underway for months and is being led separately by the Flying Squirrels’ ownership group, which is developing the 10,000-capacity stadium that’s projected to cost over $117 million.
The bulk of that cost is being funded by bonds that the city locked in last year and are to be paid using incremental tax revenue generated by the surrounding mixed-use development. The city took on the debt obligation for the $170 million in bonds when the project’s financing approach was changed last year.
Diamond District Partners is leading the non-ballpark mixed-use part of the project and is signed on to develop an initial 30-acre phase, starting with 18 acres around and east of the CarMax Park that make up the first of three planned subphases. Thursday’s ceremony came a month after those 18 acres were transferred to Diamond District Partners, which purchased the land from the city for $11.4 million.
Under the project’s development agreement, Diamond District Partners could end up paying $25 million for the entire first phase, though it is only committed to purchasing the initial 18-acre subphase. The group would have options to buy the rest of the land in the first phase: $5.7 million for 5.7 acres, and $7.9 million for 2.3 acres that includes the existing Sports Backers Stadium, which will be demolished.
(Images courtesy Diamond District Partners)
Phase 1A, which is now underway, is to total 30,000 square feet of commercial space and nearly 900 housing units between the market-rate apartments and the 161 lower-priced units, which will be targeted to households at 60 percent of the area median income.
Two more apartment buildings are planned after the initial 280-unit one, each with ground-floor retail that would contribute to the commercial space total. The second apartment building is targeted for 2029, and the third for 2031.
A massing-study rendering of the 280-unit apartment building.
A development plan for the first apartment building was filed with the city this week.
The residential buildings will rise southeast of the ballpark, filling the Diamond District’s southeast corner. The first two apartment buildings will include parking decks that will be built to provide three spaces for every 1,000 square feet of rentable space.
Existing lots around The Diamond, which will later be demolished, would provide parking for CarMax Park and other buildings as additional parking decks are built over time.
The office building is planned for five stories but could rise higher based on demand.
The office building is planned between the ballpark and the first apartment building. It would have views of the ballpark and provide opportunities for tenant signage that would be visible from the ballpark. It also would include a fitness center with showers and a rooftop patio with indoor-outdoor entertainment space.
The hotel is planned at the northwest corner of CarMax Park, where a new east-west road will provide an entrance to the Diamond District off Arthur Ashe Boulevard. Capstone Development is developing the hotel and is in talks to make it a Hilton-brand hotel, Guillot said.
Capstone, which also is vying for Richmond’s City Center development project, would purchase the hotel site from Diamond District Partners, Guillot said. Designs have not been released for the hotel, which would include a restaurant, lobby bar and a rooftop bar overlooking the ballpark.
A rooftop view of the ballpark.
The 20,000-square-foot retail building would face the new east-west road on the north side of the ballpark. Five more roads and 6 acres’ worth of infrastructure and park space also are planned for Phase 1A.
Phase 1B, which includes part of the current Diamond property, is planned for 335 housing units, 12,400 square feet of commercial space, infrastructure and park space. That subphase would also involve the demolition of Sports Backers Stadium and The Diamond. Phase 1C involves 467 housing units, over 100,000 square feet of commercial space, and infrastructure and park space.
After the 30-acre first phase is completed, the remaining 27 acres of the mixed-use development would be sold and developed in subsequent phases. The agreement gives Diamond District Partners first right of refusal on any offer the city might receive on other land in the project site, with the city agreeing to sell that land to the group at the offer received.
Diamond District Partners is led by Thalhimer Realty Partners and includes Capstone, residential developers Pennrose and NixDev, design firms Baskervill and KEI Architects, J&G Workforce Development, and contractors Prestige Construction, M Companies and Whiting-Turner, among other firms.
Campfire & Co. developed Diamond District branding that was displayed Thursday’s ceremony. The branding includes a diamond-style logo that resembles the shape of the 67-acre project site, as well as a tagline: “Diamond District | Find Your Home Base.” The development group has also launched a Diamond District website at rvadiamond.com.
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This is a fabulous beginning. The debt and equity markets are a chaotic mess today so it’s encouraging to see this development moving forward. Cranes are also in place across Hermitage Road for another 300+ units. I was on the sun deck of the old ballpark Wednesday checking out the progress of the CarMax Park. It appears on schedule. UVA and VCU are planning an unusual four game series next season with alternating days at CarMax and Davenport Field to kick off the baseball season. It should be a lot of fun.
Guessing part of Road J will not be complete or connected to Hermitage Road until much, much later in the project since that is SportBackers stadium (you can see it in the underlaying aerial photo). So are we to understand that 1A is to be completed by 2031. And so 2040-45 for the rest of the project?? I have feeling the retail by the stadium will be a Squirrels store (at least partially) and that will be nice since now when the Diamond is closed you go in the “bomb shelter” offices on Ave of Champions to buy merch and… Read more »
Looks to me like Road J would be completed with this phase. But my guess is they won’t touch it until VCU completes their new facility across the road.
The good thing about surface parking lots is I see them as future development areas. I believe those are the targets dates for completion but I’m sure if the market allows they will complete it much earlier than that. I am glad they are trying to use realistic timelines though and not over promise.
How as Road J run through the north end of the stadium seats and the track itself! It can’t got past road A in this phase unless SportBackers is coming down really soon.
I thought when they finished the VCU facility events would be moved over there.
The amount of housing going up in the area is insane. WHAT I WANT TO KNOW, as a city resident, is how much will this influx of new residential housing going to LOWER my property taxes.
Yeah, the RATES should be going down, anything else is just theft.
PS, get Stoney out of that picture — there’d be shiny new buildings there already if that guy had just been smart enough to have chosen the best developer or just sold the land to a deep pocketed one and not put all these “musts” into it.
The surface parking is not very cool, there should be more than enough in those 2 different decks, make that space a park or add more units.
What’s Stoney doing there at the groundbreaking?As far as I’m concerned it’s a slap in Mayor Avula’s face.He needs to get outta here.