In November 2017, City of Richmond Mayor Levar Stoney released a detailed 35-page “Request for Proposals,” or RFP, calling on capable parties from anywhere to bring their ideas forth to redevelop a 10-block parcel of City-owned land in downtown Richmond. Among its many parameters, central to the RFP was the requirement that the City would not be on the hook for paying the bill.
NH Foundation Board of Directors, a diverse group of area philanthropists and business leaders who formed the NH District Corp. (NHDC), gathered input from thousands of passionate Richmonders and submitted a proposal to the Mayor in February 2018. The Mayor's staff and City Hall's finance and real estate consultants asked detailed questions of NHDC to further understand how the plan would be executed and to ensure it met every requirement established in the RFP.
In June 2018, the City entered into formal negotiations with NHDC. In November 2018, Mayor Stoney selected the NHDC proposal. The development plan now requires review and approval from City Council.
Navy Hill is the revitalization of an entire neighborhood where one was lost, creating jobs and opportunity, affordable homes, and new tax revenue for the City. Here’s what the project will do:
Create new tax revenue for schools, public safety, and core City services (streets, utilities, etc).
Currently, there is nowhere to live, eat or shop in the neighborhood—meaning the downtown land generates almost no tax revenue to fund City services.
Once developed, there will be apartments, restaurants, stores, a hotel and commercial office spaces creating new tax revenue.
This is the largest job creation project in Richmond history—both during construction (12,500 jobs) and once construction is complete (9,300 jobs).
Create affordable housing—the largest private commitment in Richmond history.
The neighborhood will be inclusive, with room for everyone. It will provide 480 units of affordable housing with the pathway to hundreds more—accessible for teachers, public safety workers and other local residents.
This is the largest commitment to affordable housing in recent years.
Create opportunities for minority business and job participation.
The project will invest more than $300 million with minority-owned businesses. This is the largest minority business commitment in Richmond history.
Job fairs will be held across the City, and the development team will work closely with contractors and the City’s Office of Community Wealth Building to offer job training.
Taxpayers are never on the hook.
Most of Navy Hill is funded by private investors, who will purchase the City-owned land to build new privately financed apartments, offices, the hotel, and restaurant and retail spaces.
The Arena and Armory are owned by Richmond taxpayers today—and will be in the future.
Arena construction will be funded by bond buyers.
These bonds will be backed by new tax revenue generated in a designated increment financing area.
No new taxes are being levied.
There is no “moral obligation” or “general obligation” of the City.
Richmond taxpayers will never be "on the hook" for development costs. The risk lies with the bond investors—not the City or the taxpayers. Private investors will pay for the private development.
We continue to engage the community.
The Mayor is advancing a proposal to City Council that reflects 13 months of negotiations plus the input of thousands of citizens from across every City district who have attended workshops, participated in surveys and research, or met in person with NHDC team members.
These citizens have shared insights on everything from affordable housing and job training to minority participation and transit. This proposal would not be possible without their input.