The Diamond today
by James A. Bacon
A private development team has offered to build a new Richmond baseball stadium on the Boulevard without taxpayer dollars, the Times-Dispatch reported Wednesday. The developers, who include Chesterfield County Supervisor Daniel A. Gecker, a principle with Urban Development Associates, has presented an overview to City Council and the Jones administration.
“From what I have seen, this plan is real, and it’s ready to go save a few minor details,” Councilman Jonathan T. Baliles told the T-D.
It’s great that the city has an alternative to the proposed Shockoe Bottom development backed by Mayor Dwight C. Jones, which has a public cost of $79.6 million. But it’s too soon to reach to draw conclusions until details of the plan are revealed. What we know so far:
Under the broad outlines of the proposal, and 8,000-plus capacity stadium would be built entirely with private money on about 10 acres of Boulevard land. … The first phase would involve a small amount of residential, retail and restaurant development. The developers also would have the option of building out the rest of the 60-acre Boulevard area that city officials believe is primed for revitalization.
“All the money is coming from the private sector,” said Robert S. “Bobby” Ukrop, who played a role in brokering the public-private partnership that built the Diamond, the aging baseball stadium on the Boulevard that needs replacing.
That’s great news, if true. But does “all the money” really mean all the money? A few obvious questions:
- Will the private investors pay the City of Richmond fair market value for the land where development on the Diamond and neighboring properties would occur? Or will the city donate the land, an implicit subsidy?
- Will the project be financed by tax-free Industrial Development Authority bonds? Would the issuance of such bonds impact, directly or indirectly, the strength of the city’s balance sheet?
- Would construction of the ball park require construction of a parking deck? Will developers ask the city to issue bonds to build the parking deck?
- Will the project require public spending on infrastructure like streets, sidewalks and utilities?
The Boulevard location, easily accessible from Interstate 95, is widely preferred in the region. An opinion poll last year found that 64% of respondents wanted Richmond baseball to stay on the Boulevard, where it has been for six decades. Furthermore, the loss of the stadium doesn’t mean that re-development of Shockoe Bottom won’t continue. I can’t imagine that Kroger and Hilton would make their investment in a grocery store and hotel respectively contingent upon the building of a ball club. The city still should be able to proceed with the Shockoe-redevelopment option.
The only big loser from the new proposal is the slavery museum, which would receive a massive subsidy from the city in the Shockoe alternative. As much as I would like to see such a facility built — I’d even donate a small sum — I don’t see a groundswell of support by people actually willing to put up their own money for the project. When I see someone creating an organization to begin raising money from the community, I’ll take the idea seriously. Until then, it’s all hot air and politics.
