Mayor Levar Stoney wields the scissors at the ribbon-cutting for AvePoint’s Riverfront Plaza office in 2017. (BizSense file photos)
When a younger Levar Stoney ran for mayor eight years ago, the Hampton Roads native and former secretary of the commonwealth under then-Gov. Terry McAuliffe was one of eight hopefuls to succeed Dwight Jones and become the 80th mayor of Richmond.
In that campaign, Stoney called for a cigarette tax and said the next mayor needed to focus on improving the city’s bond rating. “This is about being competitive,” he said in a 2016 mayoral forum. “We want to be competitive with New South cities that are taking off.”
Eight years later, Richmond has a cigarette tax, and this year the city achieved its first AAA bond rating, the highest possible, from one of the big three U.S. bond rating agencies.
The rating capped a year – Stoney’s eighth and last in office – that also saw construction start on the long-promised new ballpark for the Richmond Flying Squirrels, among other accomplishments that Stoney has been highlighting in his “Faring Well” tour that concludes today with his farewell address.
Ahead of that address, BizSense sat down with Stoney to discuss his time as mayor, what he views as his administration’s accomplishments, what he would do differently and what’s next for him as he runs for lieutenant governor of Virginia. The following is an edited transcript:
Richmond BizSense: You’re in the midst of your Faring Well tour highlighting accomplishments during your time as mayor. How do you feel about your eight years in office and how the city is now faring?
LS: I must admit that I am at peace with the body of work that we’ve been able to produce. Some people would probably be like, ‘Oh, do you feel like you left stuff on the table?’ and I’m like, no, I feel at peace with the work that we’ve done. Whether in economic development, in economic opportunity, in core services, I feel at peace. We have accomplished everything that we set out to do, just about, over the course of eight years – despite a pandemic, despite social unrest and upheaval.
When I was a candidate eight years ago, I said that I would be a friend to the business community, that I believe in growth and I thought growth was the vehicle for change here in the city, and you’ve seen exactly that over the course of the last eight years. We’ve embraced growth. Growth is not a bad word. I’m hoping that (Mayor-elect Danny Avula) and his administration will embrace growth as well. We’ve seen a reduction of 33% in the poverty level since I began; we did that with economic opportunity and economic growth.
RBS: What achievement are you most proud of and want to be remembered for?
LS: There are two accomplishments that I know that, if you are a Richmond historian, I will likely be tied to for a generation. Number one, obviously, is the removal of the Confederate monuments. These monuments stood for a century in the former capital of the Confederacy, and it was known to be the third rail of Richmond politics. Not only did I touch the third rail, but I think I broke the third rail here in Richmond.
Mayor Levar Stoney in his City Hall office this week. (Jonathan Spiers photo)
There are some who said that Richmond’s best days had passed after we removed those monuments, that the sun would not come out the next day. And guess what? The sun did come out the next day. More and more people started moving into the city, choosing Richmond, and more people started investing in the city as well. Who knew that being more welcoming and more inclusive would be a good economic strategy as well?
And number two, I think I’ll always be tied to gaining the approval of the largest economic development project in Richmond’s history – that being the $2.4 billion Diamond District – which kept the Flying Squirrels in Richmond. I’m proud of that. Remember, this is something that took decades to figure out, different mayors had a shot at it, it never materialized, but under our watch it did, and I’m proud of that.
RBS: As we’re speaking, across the street in Circuit Court, an initial hearing in the lawsuit between developer Republic Properties and its former Diamond District teammates is underway. Are you sorry to see that legal dispute hanging over the project? Should the city have done anything differently?
LS: You can never predict what personalities will do, so I’m not going to beat up my team or lose sleep at night because of an internal conflict within the development team that we selected. They’ll settle that, the courts will settle that. I hope they get to a resolution, but we have to continue to focus on the matter at hand, and that is the construction of this ballpark to open in spring of 2026 and the full development of the Diamond District.
As I sit here today, I feel confident that we will accomplish both of those with the partners that we currently have. We’re working with the Navigators, as in the Flying Squirrels, to ensure the ballpark opens in a timely manner. And also that we build out the housing, whether affordable or market-rate, the park; all of the amenities that were presented to City Council and were agreed to will be achieved.
RBS: One economic development project that did not go forward was Navy Hill, the plan that would have replaced the Coliseum. Was there anything you learned from that experience that contributed to getting the Diamond District to where it is?
LS: There is absolutely no doubt that the Navy Hill experience contributed to the Diamond District success. I have no regrets during my tenure as mayor, but with the wisdom of hindsight, I wish now that we would have done things a little bit differently (with Navy Hill) – about how we went about the bid process and the community engagement, the sort of hand-holding that we did with the Richmond City Council and being more transparent, not just with council but also with the public about those who were involved and why they were involved. That whole part led to us doing what we did with the Diamond District so well. … I think we changed the way with the Diamond District approach of how we go about pursuing and finding “yes” to major economic endeavors.
Stoney during his 2018 announcement of the Navy Hill plan.
If I could get a do-over, I would want that one to be it. Because there is still a yearning for a world-class, state-of-the-art facility in the city limits when it comes to an indoor facility. We know right now that the one in Henrico (has fallen behind schedule), so folks continue to ask me on the street, “When are we going to get the arena? We got baseball; how are we going to get the arena?” I have to always remind them that GreenCity will be the new location of an arena, and they’re like, “I still don’t get why we can’t do this in the city.”
RBS: Another carryover from Navy Hill was the City Center project. The city has said very little about that project, and given the time frame, it obviously is something that won’t be completed by the time you leave office. What are your thoughts on that, and where does the project stand?
LS: We are still in the final stages (of negotiations). We aren’t quite there yet in terms of selecting someone for the master plan of City Center. I know there are still some i’s that need to be dotted and t’s that need to be crossed, but I still feel confident that with the next administration, and with those who are here currently and who I expect to be around beyond my time as mayor, that they can bring this project to a resolution here in the near future.
RBS: It’s been a very drawn-out process though, very opposite of Diamond District in terms of seeing progress made. The perception would be that it’s not going to happen or it’s dead. Did the city take on too much trying to tackle that project in addition to the Diamond District?
LS: Obviously I always wish we had more personnel, that we could do multiple things at once. It’s good to be a city that can do multiple things at once. We just can’t focus on one thing and then we’ll get to that (other thing) in another 10 years. You have to do all of it at once. You have to be able to chew gum and run at the same time.
What has really been the most challenging part of all these endeavors has been the changing market out there and having enough, in terms of meeting the private sector in the middle of the road when it comes to financing. We can’t finance every single project. We made a bold investment with the Diamond District, which was I think necessary to get it over the line, but we can’t do that for every project.
Every project will have its own rhythm, its own needs, and we’re finding that with (City Center) we’re going to have to take a little bit longer to figure out the financials and what that means for the future economic picture here in the city. But by no means is this project dead. Those who are involved (and) have proposed to develop this site are still engaged, they desire to do this. We just need to make sure that the fundamentals are good for us and also good for them.
RBS: On the lingering real estate tax issues from the Public Safety Building project that didn’t go forward, VCU Health has agreed to go into mediation to reach a settlement. Do you anticipate that mediation will bring a satisfactory resolution for the city?
LS: I am hopeful, and I am grateful to (CEO Marlon Levy) and his team over at VCU Health for agreeing to come to the table on this matter. I think there’s an expectation from our residents and the taxpayers here that we have this mediation and that we come to a resolution of some sort. This was a contractual agreement made between two parties, and we have an expectation that VCU Health is going to live up to what they signed off on.
I think some folks expected that one day we would find ourselves in a situation like this, because although we are grateful for VCU’s expansion and its growth within the city limits – it has been the catalyst to Richmond’s renaissance – we also know that it’s not sustainable. VCU purchasing major properties of value and making them tax-exempt takes dollars away from the coffers that fund the operation of government: your roads, your police department, your fire department. A lot of these are also utilized by the many thousands of VCU students who also reside here in the city limits.
RBS: Why is this a fight that you’ve felt the city needs to pursue?
LS: My job as the mayor is, I feel I have a fiduciary duty to protect the taxpayers of this city. We are now seeing this come to a head because I think there are people in a number of neighborhoods who’ve grown a little tired of the approach that has taken place by our friends over at VCU.
Stoney with VCU President Michael Rao, center, at a ribbon-cutting in 2018 for the new Gladding Residence Center.
I’m glad we’re having this discussion. I think it’s necessary. If the commonwealth is not going to reimburse the city for the properties that do not pay real estate taxes, then what other choice do we have? We have to send kids to school, we have to make sure our neighborhoods are secure and safe, we have to make sure the roads are in working condition to ensure that commerce continues within our border.
We want to diversify our mix when it comes to the real estate tax. That’s why you see us pursue endeavors like the Public Safety Building or the City Center or the Diamond District, so we can change the imbalance that I see where the residents are carrying the burden of the taxes. The reason that Henrico has become so competitive is that they have a really good mix that works well for them, with Short Pump and other large commercial developments, they’re able to reduce the load on their residents.
We have to obviously take a page out of that book, and we’re doing some of that. But it doesn’t help when tax dollars simply just disappear after VCU purchases properties. That’s problematic, and I’m hopeful that this mediation will lead the way to a different sort of arrangement between our flagship university and the capital city.
RBS: Your campaign for lieutenant governor is underway, but the election is a year away. What will you do in the meantime?
LS: (laughs) I still have to put food on the table and keep a roof over my family’s head. I will likely go into consulting of some sort. I’ve already had people reach out who want to work with me, so that is what I will likely pursue at least for the next year. Maybe the next couple years, who knows? It’s different to not come to this job every day that I’ve done for the last eight years and do something different, but I’m really excited about what the future may hold.
RBS: Will you continue to reside in Richmond?
LS: I plan to continue to live in the city. My wife’s family is from the city. They have long roots in the Church Hill area, so I plan to continue to reside in Church Hill and enjoy all the great amenities that the city has to offer.
When I look at the full breadth of what we’ve been able to do as a city over the course of the last eight years, I would be remiss if I didn’t highlight the fact that we’re seeing a changing riverfront right before our eyes, with the rise of the CoStar tower and their campus being built out, which will bring thousands of jobs to downtown Richmond. The riverfront amphitheater by Allianz is also a big deal. Us adding park space along the riverfront as well.
Economic development has been our way of tackling poverty. If you’re not bringing in new jobs, you’re not giving the ability to people in our community to level up. We’ve been able to braid economic opportunity with economic growth and expanding the pie, making sure every resident and every quarter of the city gets its fair piece of the pie. I’m very proud of that.
Mayor Levar Stoney wields the scissors at the ribbon-cutting for AvePoint’s Riverfront Plaza office in 2017. (BizSense file photos)
When a younger Levar Stoney ran for mayor eight years ago, the Hampton Roads native and former secretary of the commonwealth under then-Gov. Terry McAuliffe was one of eight hopefuls to succeed Dwight Jones and become the 80th mayor of Richmond.
In that campaign, Stoney called for a cigarette tax and said the next mayor needed to focus on improving the city’s bond rating. “This is about being competitive,” he said in a 2016 mayoral forum. “We want to be competitive with New South cities that are taking off.”
Eight years later, Richmond has a cigarette tax, and this year the city achieved its first AAA bond rating, the highest possible, from one of the big three U.S. bond rating agencies.
The rating capped a year – Stoney’s eighth and last in office – that also saw construction start on the long-promised new ballpark for the Richmond Flying Squirrels, among other accomplishments that Stoney has been highlighting in his “Faring Well” tour that concludes today with his farewell address.
Ahead of that address, BizSense sat down with Stoney to discuss his time as mayor, what he views as his administration’s accomplishments, what he would do differently and what’s next for him as he runs for lieutenant governor of Virginia. The following is an edited transcript:
Richmond BizSense: You’re in the midst of your Faring Well tour highlighting accomplishments during your time as mayor. How do you feel about your eight years in office and how the city is now faring?
LS: I must admit that I am at peace with the body of work that we’ve been able to produce. Some people would probably be like, ‘Oh, do you feel like you left stuff on the table?’ and I’m like, no, I feel at peace with the work that we’ve done. Whether in economic development, in economic opportunity, in core services, I feel at peace. We have accomplished everything that we set out to do, just about, over the course of eight years – despite a pandemic, despite social unrest and upheaval.
When I was a candidate eight years ago, I said that I would be a friend to the business community, that I believe in growth and I thought growth was the vehicle for change here in the city, and you’ve seen exactly that over the course of the last eight years. We’ve embraced growth. Growth is not a bad word. I’m hoping that (Mayor-elect Danny Avula) and his administration will embrace growth as well. We’ve seen a reduction of 33% in the poverty level since I began; we did that with economic opportunity and economic growth.
RBS: What achievement are you most proud of and want to be remembered for?
LS: There are two accomplishments that I know that, if you are a Richmond historian, I will likely be tied to for a generation. Number one, obviously, is the removal of the Confederate monuments. These monuments stood for a century in the former capital of the Confederacy, and it was known to be the third rail of Richmond politics. Not only did I touch the third rail, but I think I broke the third rail here in Richmond.
Mayor Levar Stoney in his City Hall office this week. (Jonathan Spiers photo)
There are some who said that Richmond’s best days had passed after we removed those monuments, that the sun would not come out the next day. And guess what? The sun did come out the next day. More and more people started moving into the city, choosing Richmond, and more people started investing in the city as well. Who knew that being more welcoming and more inclusive would be a good economic strategy as well?
And number two, I think I’ll always be tied to gaining the approval of the largest economic development project in Richmond’s history – that being the $2.4 billion Diamond District – which kept the Flying Squirrels in Richmond. I’m proud of that. Remember, this is something that took decades to figure out, different mayors had a shot at it, it never materialized, but under our watch it did, and I’m proud of that.
RBS: As we’re speaking, across the street in Circuit Court, an initial hearing in the lawsuit between developer Republic Properties and its former Diamond District teammates is underway. Are you sorry to see that legal dispute hanging over the project? Should the city have done anything differently?
LS: You can never predict what personalities will do, so I’m not going to beat up my team or lose sleep at night because of an internal conflict within the development team that we selected. They’ll settle that, the courts will settle that. I hope they get to a resolution, but we have to continue to focus on the matter at hand, and that is the construction of this ballpark to open in spring of 2026 and the full development of the Diamond District.
As I sit here today, I feel confident that we will accomplish both of those with the partners that we currently have. We’re working with the Navigators, as in the Flying Squirrels, to ensure the ballpark opens in a timely manner. And also that we build out the housing, whether affordable or market-rate, the park; all of the amenities that were presented to City Council and were agreed to will be achieved.
RBS: One economic development project that did not go forward was Navy Hill, the plan that would have replaced the Coliseum. Was there anything you learned from that experience that contributed to getting the Diamond District to where it is?
LS: There is absolutely no doubt that the Navy Hill experience contributed to the Diamond District success. I have no regrets during my tenure as mayor, but with the wisdom of hindsight, I wish now that we would have done things a little bit differently (with Navy Hill) – about how we went about the bid process and the community engagement, the sort of hand-holding that we did with the Richmond City Council and being more transparent, not just with council but also with the public about those who were involved and why they were involved. That whole part led to us doing what we did with the Diamond District so well. … I think we changed the way with the Diamond District approach of how we go about pursuing and finding “yes” to major economic endeavors.
Stoney during his 2018 announcement of the Navy Hill plan.
If I could get a do-over, I would want that one to be it. Because there is still a yearning for a world-class, state-of-the-art facility in the city limits when it comes to an indoor facility. We know right now that the one in Henrico (has fallen behind schedule), so folks continue to ask me on the street, “When are we going to get the arena? We got baseball; how are we going to get the arena?” I have to always remind them that GreenCity will be the new location of an arena, and they’re like, “I still don’t get why we can’t do this in the city.”
RBS: Another carryover from Navy Hill was the City Center project. The city has said very little about that project, and given the time frame, it obviously is something that won’t be completed by the time you leave office. What are your thoughts on that, and where does the project stand?
LS: We are still in the final stages (of negotiations). We aren’t quite there yet in terms of selecting someone for the master plan of City Center. I know there are still some i’s that need to be dotted and t’s that need to be crossed, but I still feel confident that with the next administration, and with those who are here currently and who I expect to be around beyond my time as mayor, that they can bring this project to a resolution here in the near future.
RBS: It’s been a very drawn-out process though, very opposite of Diamond District in terms of seeing progress made. The perception would be that it’s not going to happen or it’s dead. Did the city take on too much trying to tackle that project in addition to the Diamond District?
LS: Obviously I always wish we had more personnel, that we could do multiple things at once. It’s good to be a city that can do multiple things at once. We just can’t focus on one thing and then we’ll get to that (other thing) in another 10 years. You have to do all of it at once. You have to be able to chew gum and run at the same time.
What has really been the most challenging part of all these endeavors has been the changing market out there and having enough, in terms of meeting the private sector in the middle of the road when it comes to financing. We can’t finance every single project. We made a bold investment with the Diamond District, which was I think necessary to get it over the line, but we can’t do that for every project.
Every project will have its own rhythm, its own needs, and we’re finding that with (City Center) we’re going to have to take a little bit longer to figure out the financials and what that means for the future economic picture here in the city. But by no means is this project dead. Those who are involved (and) have proposed to develop this site are still engaged, they desire to do this. We just need to make sure that the fundamentals are good for us and also good for them.
RBS: On the lingering real estate tax issues from the Public Safety Building project that didn’t go forward, VCU Health has agreed to go into mediation to reach a settlement. Do you anticipate that mediation will bring a satisfactory resolution for the city?
LS: I am hopeful, and I am grateful to (CEO Marlon Levy) and his team over at VCU Health for agreeing to come to the table on this matter. I think there’s an expectation from our residents and the taxpayers here that we have this mediation and that we come to a resolution of some sort. This was a contractual agreement made between two parties, and we have an expectation that VCU Health is going to live up to what they signed off on.
I think some folks expected that one day we would find ourselves in a situation like this, because although we are grateful for VCU’s expansion and its growth within the city limits – it has been the catalyst to Richmond’s renaissance – we also know that it’s not sustainable. VCU purchasing major properties of value and making them tax-exempt takes dollars away from the coffers that fund the operation of government: your roads, your police department, your fire department. A lot of these are also utilized by the many thousands of VCU students who also reside here in the city limits.
RBS: Why is this a fight that you’ve felt the city needs to pursue?
LS: My job as the mayor is, I feel I have a fiduciary duty to protect the taxpayers of this city. We are now seeing this come to a head because I think there are people in a number of neighborhoods who’ve grown a little tired of the approach that has taken place by our friends over at VCU.
Stoney with VCU President Michael Rao, center, at a ribbon-cutting in 2018 for the new Gladding Residence Center.
I’m glad we’re having this discussion. I think it’s necessary. If the commonwealth is not going to reimburse the city for the properties that do not pay real estate taxes, then what other choice do we have? We have to send kids to school, we have to make sure our neighborhoods are secure and safe, we have to make sure the roads are in working condition to ensure that commerce continues within our border.
We want to diversify our mix when it comes to the real estate tax. That’s why you see us pursue endeavors like the Public Safety Building or the City Center or the Diamond District, so we can change the imbalance that I see where the residents are carrying the burden of the taxes. The reason that Henrico has become so competitive is that they have a really good mix that works well for them, with Short Pump and other large commercial developments, they’re able to reduce the load on their residents.
We have to obviously take a page out of that book, and we’re doing some of that. But it doesn’t help when tax dollars simply just disappear after VCU purchases properties. That’s problematic, and I’m hopeful that this mediation will lead the way to a different sort of arrangement between our flagship university and the capital city.
RBS: Your campaign for lieutenant governor is underway, but the election is a year away. What will you do in the meantime?
LS: (laughs) I still have to put food on the table and keep a roof over my family’s head. I will likely go into consulting of some sort. I’ve already had people reach out who want to work with me, so that is what I will likely pursue at least for the next year. Maybe the next couple years, who knows? It’s different to not come to this job every day that I’ve done for the last eight years and do something different, but I’m really excited about what the future may hold.
RBS: Will you continue to reside in Richmond?
LS: I plan to continue to live in the city. My wife’s family is from the city. They have long roots in the Church Hill area, so I plan to continue to reside in Church Hill and enjoy all the great amenities that the city has to offer.
When I look at the full breadth of what we’ve been able to do as a city over the course of the last eight years, I would be remiss if I didn’t highlight the fact that we’re seeing a changing riverfront right before our eyes, with the rise of the CoStar tower and their campus being built out, which will bring thousands of jobs to downtown Richmond. The riverfront amphitheater by Allianz is also a big deal. Us adding park space along the riverfront as well.
Economic development has been our way of tackling poverty. If you’re not bringing in new jobs, you’re not giving the ability to people in our community to level up. We’ve been able to braid economic opportunity with economic growth and expanding the pie, making sure every resident and every quarter of the city gets its fair piece of the pie. I’m very proud of that.