Economic development staff: Diamond District stadium on track for early 2026 opening; mixed-use buildout to continue through 2032

City economic development staff told the Finance and Economic Development Standing Committee that construction of the new Diamond District stadium remains on schedule and on budget, and that associated infrastructure and mixed‑use development work will continue for several years.

Key points from the presentation: - Public vs. private investment: The public portion of the project (infrastructure, roadways, stadium-related public works and community amenities) totals about $166 million across roughly 20 acres, while mixed-use elements (retail, hotel, affordable and market-rate housing, office) are privately financed. - Stadium progress and financing: City partners have issued just over $130 million in stadium bonds as of September 2025 and spent approximately $77 million to date. Staff said steel topping and concrete pour milestones are complete and the stadium remains on track for substantial completion in February 2026. - Infrastructure and critical path: Road B and Road J West infrastructure work has started and is expected to complete early next year; additional road and signal work (Road J East, Roads A and C) is slated for 2026. Staff identified acquisition and disposition of the Sportsbacker Stadium parcel and its demolition as a critical path item for the mixed-use phase and park delivery. - Solar and community amenities: Plans include more than 2,000 rooftop solar panels and five solar carports; at peak output, staff said the array could generate the equivalent power for about 250 Richmond homes or businesses. Park and other community amenities are expected to open in stages beginning in 2027, contingent on site demolition and infrastructure milestones. - MBE participation and workforce: Reporting provided by development partners shows about 26% of mixed‑use contracting awarded to MBEs and about 9.6% on the stadium to date; spend-to-date was reported as roughly 39% MBE on mixed-use and 8% on the stadium. Staff cautioned OMBD has not yet certified those numbers and noted the city’s disparity study suggests a reasonable near-term stadium MBE target around 18%. Hiring events tied to the project engaged roughly 400 residents, producing 14 local hires to date. - Operational issues resolved: Staff reported a resolution between developers and RVA Performance Fitness on a sewer-related dispute that staff said will improve that business’s operations.

Staff said vertical mixed‑use construction is expected to start in 2026 with deliveries of certain buildings beginning in 2028 and continuing through 2032, depending on financing and market timing. The presentation included aerial construction photos and a summary timeline of anticipated milestones.

Next steps: Staff said it will continue coordination on infrastructure funding options to close remaining gaps (CIP funds, regional grants) and will work with OMBD to reconcile and certify MBE contracting and spend figures.

Ending: Committee members expressed interest in more detailed return-on-investment analyses and stronger planning for local hiring and neighborhood benefits as the mixed‑use phase progresses.