Mayor Danny Avula and the Richmond Economic Development Authority announced on June 1 the execution of several major agreements that move the Diamond District project into its next phase, marking a significant milestone in one of Richmond’s largest redevelopment efforts.
The finalized agreements include the Sports Backers Purchase and Sale Agreement, which allows the EDA to purchase Sports Backers. This step enables development of the full street grid, other infrastructure, two public park spaces, and additional vertical development in the Diamond District. The first new building will be an affordable multifamily apartment complex.
Another agreement is an Access Agreement among Diamond District Partners, Richmond Economic Development Authority, and Virginia Commonwealth University. This grants immediate access to the Sports Backers Stadium site for site and infrastructure work to ensure overall development timelines are met. Additionally, a CarMax Park Lease between EDA and VCU has been signed. The lease is intended to allow VCU to play baseball at CarMax Park stadium once a separate operating agreement with Navigators is established.
“It’s another exciting day in Richmond! The Diamond District is all about creating a thriving new neighborhood with housing, parks, recreation, and economic opportunity for generations to come,” said Mayor Danny Avula. “The best things take time and hard work, but in the end, they’re worth it. I’m so proud we’ve hit this milestone.”
Richmond City Councilwoman Katherine Jordan said, “This is another key milestone in a very complicated project. I’m grateful to all the partners and staff who have worked – and continue to work – tirelessly on the Diamond District. It’s extremely gratifying to see our forward momentum sustained across administrations as we work collectively to bring Richmond’s vision of a new, vibrant neighborhood closer to reality.”
Angie Rodgers, Director of the City of Richmond Economic Development Authority, said: “Today’s agreements move us from vision to execution. They ensure that the Diamond District advances on a clear, predictable timeline and that the investments we are making deliver real community benefit for Richmonders, the greater Richmond region, and visitors alike. This is the result of years of coordinated, careful work across partners, and I’m proud of the process that brings us to this milestone.”
With these agreements now executed, partners will continue advancing site preparation as well as infrastructure work over coming months as part of next-phase development activities.
