RICHMOND, VA. — The City of Richmond’s Economic Development Authority (EDA) has sold and transferred an 18-acre parcel to the developer of a $2.4 billion mixed-use project called Diamond District. The land sold for $11.4 million. The developer is an entity led by Thalhimer Realty Partners Inc. that is doing business as Diamond District Partners LLC.
The site, dubbed Phase 1A, will feature 730 market-rate apartments, as well as161 workforce housing units for households earning 60 percent of the area median income, a 180-room hotel and 30,000 square feet of commercial space.
The site will also include six acres of public infrastructure that will be conveyed back to the city and the EDA upon completion. Diamond District Partners LLC expects to break ground on the public infrastructure components of the project within the next few months, as soon as permits are released.
Phase 1B and Phase 1C of Diamond District will include an additional 625 market-rate units, 177 affordable housing units and 126,000 square feet of commercial space. Additionally, CarMax Park, the future home of the Richmond Flying Squirrels Minor League Baseball team, is under construction within the Diamond District and is scheduled to open in 2026.