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EDA and city staff outline Coliseum demolition, convention-hotel and GRTC transit-hub plan; committee forwards two redevelopment agreements
Summary
Economic Development staff presented a phased city-center plan focused on Coliseum demolition (with potential underground parking), a convention-center hotel and a new GRTC transit hub; the committee voted to forward two related ordinances to council and asked for regular schedule updates on consultant findings and financing.
City economic-development officials told the Finance & Economic Development Standing Committee they are advancing two redevelopment agreements tied to the Coliseum parcel and a city-owned site at 500 North 10th Street as initial steps in a phased city-center redevelopment strategy.
Angie Rogers, director of the Department of Economic Development and executive director of the Economic Development Authority (EDA), described a three-piece approach: demolish the existing Coliseum while preserving foundation elements that could allow underground parking; kick off a first phase of vertical development including a convention-center hotel and associated parking; and develop a new Greater Richmond Transit Company (GRTC) transit hub integrated with mixed-use towers. "We are still following that vision," Rogers said, adding that staff are breaking the larger master plan into bite-sized, financeable projects.
Rogers cited prior Richmond Regional Tourism analysis estimating the city lost roughly $257 million in convention business between 2019 and 2024 because of limited nearby hotel capacity and said the EDA and GRECA (Greater Richmond Convention Center Authority) approved work by a consultant to study Coliseum demolition and related environmental factors. Dyrana Moore Clark, deputy director of the Department of Public Works, said the RFQ for the transit-hub parcel is active and responses are due this month; the hub vision includes 10 bus bays, a bus loop and pedestrian- and cyclist-focused access.
Committee members pressed for a financing strategy and a project schedule. Rogers and DPW staff proposed bi-monthly updates to the committee and said consultant cost and environmental assessments are still underway. "We want to make sure that we get to a viable financing strategy," Rogers said. The committee voted to forward the two ordinances (first amendment to the Coliseum Parcel Redevelopment Corporation agreement and a cooperation agreement for 500 North 10th Street) to council with a recommendation to approve.
The ordinances will be considered by full City Council as the city pursues consultant work, RFQ/RFP procurement steps and a financing approach; staff said federal partners and scheduled briefings will be solicited to align financing and timing.
