Navy Hill Project Colosseum

[Ferrum Spider]

Who all is a city of richmond resident following this? Bunch of amateurs who cant do simple math from what I gather. Real estate tax revenue wont even generate enough to finance the principal of the loan creating a 300 million shortfall. Stoney is way in over his head and I say this as someone who voted for him(Regrettably). Id love to see something like this, but not with TIF financing. Plus there is no guaranteed tenant from the NBA/NHL moving in. I live on the cities east end and its comically neglected by the city. Thoughts?


PS Anyone in Henrico/Chesterfield please understand your stake in this isn't the same as city residents.

 

[urfan1]

I have not studied the tax, or other finances, but you cannot look at just the RE tax -- not fair to any project. Got to add meals tax, increased Convention Center traffic, hotel tax, increased number of visitors to city, spin off development, collateral business generated, just to name some

 

[invinoveritasinaquasanitas]

Some have different takes.

See links and quotes:

A downtown we all deserve, for the city we love.
" $1 billion+
surplus revenue
for the City
$500 million
in annual employment
wages for the City
$300 million
invested with minority-owned businesses
9,300 - permanent jobs
12,500 - construction jobs"

Financial advisers explain the money behind the Navy Hill Project: ‘I don’t see a downside to this project’
"Having done this for almost 40 years, I don’t see a downside to this project," said Rose. "That's a big statement. But we started out nine or ten months ago, like we basically have tried to do what you do, is be skeptical, ask a lot of questions. And as Jimmy said not just ask the questions, put a lot of demands and say that’s why there are 950 pages of documents -- how is the city going to be safeguarded?"

 

[WebSpinner]

well, you can sit back and see the city just meander around doing nothing or you take some risk and make it happen. so many cities much smaller than richmond have done so much more.

 

[Ferrum Spider]

Anyone see the new plan for Henrico building a new 17.5 k arena. Same guys who did the downtown failure are pushing for Navy Hill Parham. I for one welcome it, build me my free playground henrico! Wonder if well see any Richmond-VCU games there?

 

[ur2K]

I'd direct to this very well reported Henrico Citizen article for details

BREAKING: Navy Hill developers now planning 17,000-seat arena, massive mixed-use project in Henrico - The Henrico Citizen

DEC. 1, 2020, 11 A.M. – Stonewalled in their efforts to build a $235-million 17,500-seat arena in downtown Richmond as part of the unsuccessful $1.5-billion public-private Navy Hill project, a team of developers now intends to build a 17,000-seat arena with its own money as part of a similarly...

www.henricocitizen.com

Can't wait for the 2030 A10 tournament 15 minutes from my house.

 

[GKiller]

I'd direct to this very well reported Henrico Citizen article for details

BREAKING: Navy Hill developers now planning 17,000-seat arena, massive mixed-use project in Henrico - The Henrico Citizen

DEC. 1, 2020, 11 A.M. – Stonewalled in their efforts to build a $235-million 17,500-seat arena in downtown Richmond as part of the unsuccessful $1.5-billion public-private Navy Hill project, a team of developers now intends to build a 17,000-seat arena with its own money as part of a similarly...

www.henricocitizen.com

Can't wait for the 2030 A10 tournament 15 minutes from my house.

Good, informative article.

 

[urmite]

Yes, I already posted it in a joke post (#25) here
Makeup Game | SpiderNation.com (rivals.com)

Not that anyone reads what I post...