RICHMOND, Va. -- With initial land transfers completed and a newly acquired boost of local capital in the hands of its development team, the first phase of Richmond’s multibillion-dollar Diamond District project appears set to get into full swing.

RVA Diamond Partners, the team leading the massive mixed-use project, has secured millions of dollars in additional capital from multiple Richmond investors that it plans to put toward purchases of the land and initial bonds for the project’s first phase.

The recently secured funding was needed for the team to go forward with the phase, which includes a new stadium for the Richmond Flying Squirrels and initial commercial and residential development, tax revenue from which would be used to help fund the new ballpark.