Demolition of the Richmond Coliseum is a key first step for a what developers say could be a nearly $1 billion transformation of a fading part of the city’s downtown.
The request comes from the city administration who petitioned an additional $3.5 million be tacked on to Mayor Stoney s $3 billion FY2025 budget to cover demolition and security costs.
The city would issue $170 million in bonds to finance the development's initial phase, and establish a community development authority as a financing option for future phases.
Transferring the land has been needed for the creation of the project’s community development authority, which would help fund the new ballpark that's planned to replace The Diamond.