BizSense Beat is a weekly collaboration between VPM News and Richmond BizSense that brings you the top business stories during NPR's Morning Edition on Fridays.
Here’s a recap of the top stories for the week of April 19, 2024:
City EDA approves $1.5M more for Diamond District ballpark design
Reported by Richmond Bizsense’s Jonathan Spiers
Four months after pitching in $1 million to keep the Diamond District ballpark project on track, Richmond’s Economic Development Authority is stepping back up to the plate with more funding for the stadium’s design.
In a special meeting Tuesday, the EDA board authorized staff to put another $1.5 million toward design and development of the new ballpark, via an amendment to its contract with the Richmond Flying Squirrels’ ownership group that provided the initial $1 million in December.
Leonard Sledge, the city’s economic development director, said those initial funds have technically been depleted and the additional money is needed to complete the design and development documents and value engineering for the $110 million stadium. The amendment would continue the contract through May.
Richmond budgeting $3M for Coliseum demo amid stagnant City Center project
Reported by Richmond Bizsense’s Jonathan Spiers
City administrators are looking to move forward with demolishing the dilapidated Richmond Coliseum with the goal of eliminating public safety risks, cutting security costs and rejuvenating the seemingly stagnant City Center redevelopment project.
Administrators are requesting that $3 million for the demo be included in the budget for fiscal year 2025, which starts July 1. The onetime cash payment is the largest requested administrative expenditure in the proposed spending plan, which City Council is reviewing ahead of an initial public hearing April 22.
While the timing for the demo is not clear, it would be funded in a fiscal year that runs through a city-imposed November deadline for the Coliseum property to be sold to a developer, as part of the City Center project that would redevelop the shuttered arena and adjacent city-owned properties.
The City Center project has not moved forward since negotiations with prospective developers got underway last year.
With its land up for sale, Legend Brewing in talks to sell recipes and other assets
Reported by Richmond Bizsense’s Mike Platania
Legend Brewing Co. is attracting suitors for more than just its real estate holdings.
Since putting its Manchester brewery and restaurant complex on the market last month, the region’s oldest beer maker has been in discussions with a handful of its local competitors to potentially sell some of its business assets, including its recipes.
Dave Gott, Legend’s vice president of operations, said that nothing has been finalized. He added that Legend is still considering keeping the business going on its own but that several breweries from around Central Virginia have expressed interest in buying certain parts of the business.
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