Here’s a recap of the top stories for the week of March 21, 2025:
Henrico officials plan to reacquire the Best Products property from the Green City Partners and Green City Development LLC development teams
Reported by BizSense’s Jonathan Spiers
The arena partners mutually agreed to part ways following their inability to meet its previously agreed-upon obligations, including a missed payment of over $5 million for the 93-acre, Best Products property.
In a statement, county officials said they believe the site can still thrive as an arena-anchored, mixed-use development.
Once the repurchase process is complete, the county will work with its Economic Development Authority and Sports Entermeanet Authority to discover new arena operators and developers.
BizSense Reporter Jonathan Spiers talks about his tour of Richmond’s new ballpark.
Spiers joined Mayor Danny Avula and city officials on a visit to the Carmax Park baseball stadium, which will anchor the city’s Diamond District redevelopment.
The stadium will replace the Richmond Flying Squirrels’ existing grounds and eventually be surrounded by hotel, retail and housing developments along 67 acres along the I-95 east coast corridor and near Scott’s Addition.
The new ballpark is set to be ready for the Richmond Flying Squirrels’ opening day in 2026.
Coverage on the Diamond District development at VPM News and BizSense.
Petersburg celebrates groundbreaking for $1.4 billion casino development
Reported by BizSense’s Jackie DiBartolomeo
Construction has begun for the multiphase, casino and resort near the intersection of Wagner Road and Interstate 95.
State and city officials were joined by the Baltimore-based developers Cordish Cos. and Virginia Beach’s Bruce Smith Enterprise at the 92-acre site’s groundbreaking.
The project will include more than 450,000 square feet of gaming, hotel and dining space and convention space. Officials project the casino to generate $2.8 billion in economic stimulus for the region.
Developers plan to build a temporary, 75,000-square-foot casino facility on the site to open by the end of 2025.
The official casino resort is slated to open in 2027, at which point the temporary casino would be demolished.
A New York-based developer seeks to build a 400-foot high-rise in Downtown Richmond
Reported by BizSense’ Mike Platania
An unnamed party is considering building a high-rise tower on a vacant lot at 703 E. Main St.
Preliminary plans show that the new tower could stand over 400 feet tall and house office space, hotel rooms, residential units, restaurants and even a grocery store.
The mystery firm working on the development proposal, is also working with LaBella Associates — the Rochester-based architecture firm with an office in the Richmond office.
The firm is also part of the design team for the Diamond District’s new ballpark.
The developer plans to submit to the Commonwealth of Virginia, which owns the roughly 1.25-acre plot. A formal proposal for the project has yet to be submitted.
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