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D.C. developer offers to buy Navy Hill Site for $15M

In an email from the mayor's administration on Monday, Richmond city council members were alerted that a Washington D.C. Based developer is offering $15 million to buy and renovate the Richmond Coliseum.
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Posted at 11:37 PM, Feb 24, 2020
and last updated 2020-02-24 23:40:58-05

RICHMOND, Va. -- In an email from the mayor's administration on Monday, Richmond city council members were alerted that a Washington D.C. Based developer is offering $15 million to buy and renovate the Richmond Coliseum and 14 surrounding acres to include a hotel, apartments, as well as retail, grocery store, and office space.

The unsolicited proposal from Douglas Development Corporation comes just two weeks after council members struck down the controversial Navy Hill project, a $1.5 billion plan to build a new coliseum and redevelop 21 acres of downtown. The plan was negotiated by mayor Levar Stoney and N.H. district corp., a development group by Dominion Energy CEO Tom Farrell.

Council members are still are waiting on the administration to determine their next step and demanding proper appraisals of city owned property as well as more information on how developing the area will fit into Richmond's 300 plan; A vision for Richmond city leaders as they look toward the city's 300th anniversary in 2037.

'I think if we had utilized the tools that Richmond 300 already has in engaging the community and getting feedback I think it would be a process that the community understands and I think than it could be organically folded into the master plan," Larson said.

The plan must go through a vetting process and recieve public input before it can be voted on.

The City has until May 18 to accept or decline the offer.