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 no taxpayer dollars be used to create the development.
It was also essential that any respondent engage the public for input, and over the course of one month, more than 1,000 Richmonders gave input to a plan that was ultimately delivered by NH District Corp., a diverse group of area philanthropists and economic leaders, to the Mayor in February 2018. For weeks after, the Mayor’s staff and City Hall’s finance and real estate consultants asked detailed questions of NH District to further understand how such a plan would be executed and ensure it met every requirement established in the RFP.
In June 2018, the city entered into formal negotiations with NH District. In November 2018, Mayor Stoney formally endorsed the plan. It requires 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 (9,000 jobs).
Create affordable housing – the largest private commitment in Richmond history.
The neighborhood will be inclusive, with room for everyone. It will provide 680 units of affordable housing, accessible for teachers, public safety workers, and other working people.
This is the largest commitment to affordable housing in Richmond history.
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 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 lease 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 in the future.
Arena construction and Armory redevelopment will be funded by bond buyers.
These bonds would be backed by new tax revenue generated in a special tax district.
No new taxes are being created. No tax money goes to developers.
There is no “moral obligation” or “general obligation” by the City
Richmond taxpayers will never be “on the hook” for development costs, will never bail out investors, and will never put up money to fund the development.
We continue to engage the community.
The Mayor is advancing a proposal to City Council that reflects eight months of negotiations plus the input of approximately 3,500 citizens from across every City district who have attended workshops, participated in surveys and research, or met in person with NH District team members. Check out upcoming events.
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.