The City of Richmond has made its pick in its months-long search for a development team to guide its Diamond District redevelopment.
The city announced Monday it is going with RVA Diamond Partners, led by D.C.-based Republic Properties Corp., Richmond-based developer Thalhimer Realty Partners (TRP) and Chicago-based investment bank Loop Capital. Breeden Construction will serve as part of the general contracting team - focusing on the multifamily portion of the project.
The group was picked over Richmond Community Development Partners, led by Houston-based Machete Group, JMA Ventures out of San Francisco and New York-based Tryline Capital.
The selection tees up the long-anticipated development of the 67-acre, largely city-owned site that includes The Diamond, which is to be replaced with a new 10,000-capacity stadium. The rest of the land would be filled with a mix of office, residential and retail development, including a hotel and infrastructure upgrades.
It also draws to a close a nearly yearlong process that narrowed a field of prospective teams from 15 to two. Last month, the project’s evaluation panel eliminated a third finalist, Vision300 Partners, led by Boston-based Freehold Capital Management with members including Brookfield Properties and Hourigan.
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