Mayor Danny Avula Announces Major Diamond District Agreements Signed, Advancing Transformative Development
On Friday, May 29, Mayor Danny Avula and the Richmond Economic Development Authority (EDA) announced the execution of a series of major agreements that move the Diamond District project into its next phase and mark another significant milestone in one of the largest redevelopment efforts in Richmond’s history.
The finalized agreements include:
- The Sports Backers Purchase and Sale Agreement – The EDA’s purchase of Sports Backers clears the way for development of the Diamond District’s full street grid and other infrastructure, two public park spaces, and additional vertical development, the first of which will be an affordable multifamily apartment building.
- The Access Agreement among Diamond District Partners (DDP), Richmond Economic Development Authority, and Virginia Commonwealth University - This agreement gives DDP immediate access to the Sports Backers Stadium site to begin site and infrastructure work, ensuring overall development timelines are met.
- The CarMax Park Lease between EDA and VCU – The lease is the next major step paving the way for VCU to also play baseball in the EDA’s CarMax Park stadium. The lease would commence once the VCU-Navigators operating agreement is in place.
“It’s another exciting day in Richmond! The Diamond District is all about creating a thriving new neighborhood with housing, parks, recreation, and economic opportunity for generations to come,” said Mayor Danny Avula. “The best things take time and hard work, but in the end, they’re worth it. I’m so proud we’ve hit this milestone.”
“This is another key milestone in a very complicated project. I’m grateful to all the partners and staff who have worked – and continue to work – tirelessly on the Diamond District. It’s extremely gratifying to see our forward momentum sustained across administrations as we work collectively to bring Richmond’s vision of a new, vibrant neighborhood closer to reality," said Richmond City Councilwoman Katherine Jordan, 2nd District.
"Today’s agreements move us from vision to execution. They ensure that the Diamond District advances on a clear, predictable timeline and that the investments we are making deliver real community benefit for Richmonders, the greater Richmond region, and visitors alike. This is the result of years of coordinated, careful work across partners, and I’m proud of the process that brings us to this milestone,” said Angie Rodgers, Director of the City of Richmond Economic Development Authority.
With these agreements now executed, partners will continue advancing site preparation, infrastructure work, and next-phase development activities in the months ahead. The Diamond District represents one of the largest and most ambitious redevelopment efforts in Richmond’s history, helping position the city for long-term growth, investment, and opportunity.
