The North of Broad development is one of multiple buildings and improved, walkable streetscapes, establishing a model urban framework necessary to support multi-family homes, commercial, healthcare, institutional and retail development investment in the center of Richmond. Some of the project highlights include:
A new Arena
Major touring acts and sporting events will overlook “RVA” no more. In the exact footprint of the outdated and largely dormant Richmond Coliseum (which costs taxpayers approximately $1 million a year), we will create a best-in-class, 17,500-seat arena to serve the broad regional demand for sports, entertainment, and convention programming.
A new Blues Armory
This historic landmark, attached to the defunct Sixth Street Marketplace, would be fully restored into an entertainment and event space and, perhaps most importantly, a 20,000-square-foot food market on the first floor to support a growing urban population.
New jobs and training
Hiring will start soon, and never stop: Construction alone will create approximately 12,500 jobs. Once the neighborhood is complete, expect 9,300 jobs in the neighborhood. Job training programs are also being developed to help those who don’t have the necessary skills to gain them.
New places to live
Regardless of your income, there will be a home for you in this neighborhood. The project will add both affordable apartments and market-rate homes – more than 2,500 new homes for leasing and owning.[JK1]
New restaurants and retail
Ever try to dine in the existing neighborhood? Good luck. The new neighborhood will have nearly 70,000 square feet of ground-level retail and restaurant space.
New and improved Connections
Despite being only one block from the energy of downtown and Broad Street, the existing neighborhood is cut off from the exciting opportunities that pulse through the city’s core. The project would reconnect and reopen streets, designing them specifically for pedestrians, bikes, and buses. The Leigh Street underpass – an odd trench under the Fifth and Seventh street underpasses, would be brought back to street-level grade. A bus transfer station for the area is also in discussion.
New office space
Small businesses and larger enterprises will be able to establish or relocate to the area, as 200,000 square feet of build-to-suit office space comes online.
Renewable energy and green spaces
The project would include sustainable green space, the use of renewable energy. Solar arrays would dot the tops of most all buildings in the development area.
New Tourism and Conference Hotel
As Richmond becomes a bigger conference and tourism destination is the need for places to stay. A 527-room, four or five-star hotel will create jobs and support larger events at the Greater Richmond Convention Center.
New medical research
The scientific and medical capabilities of Virginia Commonwealth University are growing. And the school is in need of additional research talent and space. The project includes construction of the region’s largest medical office building at VCU, a 540,000 square-foot research, lab and office complex that will not only create new jobs but expand treatment options and research for the sick.
Impacts to the community
The neighborhood would have a substantial impact on the socioeconomic good of the region.
New Sources of City Revenue
By creating new and more valuable urban land assets, we create a “known development environment” that will allow for more private commercial development (office space, retail, and more) and create new public revenues.
Over 30 years, the project is expected to create $1 billion in incremental tax revenue. The project will generate an additional $22 million in meals taxes during that time. Over $45 million in round rent payments from the development will be paid to the city over the first 30 years; this revenue stream alone can be pledged as the source of repayment for a school modernization bond to fund numerous school projects.
The project will create a total of 21,800 jobs, both during construction and long after. These jobs will run a wide range of skillsets and levels, from hospitality and upper management to food service and medical research. We expect $1.9 billion in immediate economic impact through the construction, with $1.2 billion in impact every year thereafter, according to a study by VCU Center for Urban and Regional Analysis.
Minority business involvement
NH District has committed to using minority businesses and contractors in the construction of the North of Broad neighborhood, and outreach has already begun to ensure their involvement. We have set a target of $128 million (30 percent public and 20 percent private funds) in outlays to minority business enterprise (MBE) vendors.
If you operate a minority business, sign up to receive updates and be sure to follow the steps required to submit proposals on time in order to participate in the project. In order to hire you, we must know that you are available and capable for the job.
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