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Four teams submit plans for City Center project

A rendering of proposed Headquarters hotel (left) and residential tower from Capstone Development, LLC
Capstone Development LLC
City of Richmond
From left: A rendering of the proposed Headquarters hotel and residential tower included in Capstone Development's plan for Richmond's City Center. Four teams were asked by the city to submit offers on the project.

A developer is expected to be selected this summer.

Richmond is evaluating four teams for the mixed-use City Center project, which will include demolition of the Richmond Coliseum. The developer teams have each undergone interviews with the city.

Negotiations with the finalists will follow, according to Richmond BizSense.

Late last week, the city released information about proposals for the 9-acre space downtown.

Maryland-based Capstone Development, which is also involved in the city's Diamond District project, is among the finalists. Other contenders include the local City Center Gateway Partners, Dallas-based Lincoln Property Company and Richmond Community Development Partners — with locations in Richmond and Houston. 

Most of the submitted offers include plans to improve pedestrian accessibility in the area surrounding the defunct Coliseum.

Guidelines for the City Center project include a combination of hotels, office and retail spaces, mixed-income housing, and public green space.

Richmond City Council approved the redevelopment plan in January 2022 to encourage activity downtown, expand the city’s tax base and revitalize the neighborhood.

A team is expected to be selected later this summer.

VPM News is the staff byline for articles and podcasts written and produced by multiple reporters and editors.
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