The city of Richmond has sold about $130 million worth of bonds that will fund construction of the Diamond District baseball stadium, a pivotal step toward building the ballpark.
The tax-exempt general obligation bonds will carry an interest rate of 3.99%, which the city will pay to the bond buyers. That rate is lower than the 4.25% officials expected, the city said in a news release. Earlier this spring, city officials said they expected to sell the bonds with an interest rate of roughly 4%.
A rendering of the new ballpark in the Diamond District is seen. A 360-degree concourse will be one of the features.
Because of the lower rate, the city will save $11.5 million in costs over the next 32 years, the city said.
“Our finance and development teams have put in so much time and effort toward making this moment possible,” said Mayor Levar Stoney. “I’m grateful for their hard work and can’t wait to break ground on this project!”
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Buyers have begun purchasing the bonds, which mature in 2057, and the sale will close on July 30. The city will use real estate taxes from the planned Diamond District neighborhood that will be adjacent to the stadium to pay off the bonds.
Earlier this year, Fitch Ratings awarded Richmond a AAA bond rating, the highest rating possible, which allows the city to pay a lower interest rate when it issues bonds.
The city expects to break ground on the stadium and begin sitework in August. Construction will start this fall, the city said.
Then development of residential buildings, retail space and a hotel will begin in early 2025. The city still expects to complete the stadium for the 2026 baseball season.
Two other boxes need to be checked in the near future. The city’s Economic Development Authority still needs to approve a lease agreement with the Flying Squirrels and a stadium development agreement. It is unclear if the city can break ground before these things happen.
As tenants, the Squirrels are expected to pay a high lease payment — $3 million annually for the first 10 years. But the Squirrels will be given the opportunity to collect naming rights revenue for the stadium’s name. CarMax is expected to be a top bidder.
It is unclear if the stadium will cost the entire $130 million — an exact cost has not been revealed. City leaders said recently that the stadium would cost between $110 million and $118 million. It is possible the Flying Squirrels will pay some of the cost if the number is higher than what city leaders are prepared to pay for.
The city and the EDA also need to form an agreement with Virginia Commonwealth University, whose baseball team is expected to play at the new stadium. But that agreement is not considered a pivotal piece toward stadium construction. VCU is expected to pay $500,000 a year in rent.
Richmond Mayor Levar Stoney speaks during a news conference called in September 2022 to announce the developer of the Diamond District, RVA Diamond Partners.
It was the city’s goal to issue the bonds before July 1. Had the city done so, it could have saved about $25 million during the life of the project. A state law that allows localities to collect state sales tax revenue from public projects expired on July 1. Had the city issued the bonds before the start of July, it could have claimed the revenue for the life of the project.
The city still has a chance to claim that money. The stadium will not begin generating sales tax revenue until it opens in 2026, and legislators could change the law in January before the stadium opens.
Paul Goldman, a Richmond lawyer, filed a lawsuit in hopes of forcing a public referendum before the city could issue the bonds. In Virginia counties, residents must give approval before the county can issue bonds to pay for public projects. Cities, however, do not need the public’s approval.
From the Archives: Professional baseball in Richmond, 1953-1990
Brooklyn Dodgers (from left) Junior Gilliam, Roy Campanella, Joe Black and Don Newcombe talk before an exhibition game at Mooers Field on Oct. 9, 1953.
New York Yankee star Mickey Mantle (center) had breakfast with teammates Bill Miller (left) and Jerry Coleman at the Hotel John Marshall before the team played the Richmond Virginians on April 8, 1954, to open Parker Field. The Virginians, a new triple-A team in the International League, were managed by Luke Appling. The Yankees were led by Casey Stengel.
Roy Campanella’s All Stars came to Richmond in the fall of 1954 to play the Birmingham Black Barons. In addition to Campanella (center), major-league stars (left) Henry Thompson, Al Smith, Larry Doby and Minnie Minoso took part in the exhibition game at Mooers Field.
A scene from the first International League game at Parker Field, played April 21, 1954.
A March 7, 1954 aerial view of the site of the city’s proposed sports center as it takes shape at Parker Field, where Greater Richmond Civic Recreation, Inc., handled construction of a multi-purpose outdoor facility and home for Richmond’s International League baseball entry. At upper right on the Old Fair Grounds property is the city garage, which the Citizens’ Committee hopes to convert to a multiuse indoor arena.
In April 1955, the New York Yankees beat the Richmond Virginians 17-4 in an exhibition game before a crowd of 7,000 at Parker Field. Richmond pitcher Bob Habenicht (right) chatted with New York slugger Mickey Mantle during warm-ups. The Yankee starters, including Mantle, left for their hotel as soon as they were replaced. Mantle was walking along Grace Street wearing slacks and a sport jacket while the eighth inning was being played.
On April 9, 1955, the Boston Red Sox topped the New York Giants, 5-2, in an exhibition game seen by more than 12,600 spectators at Parker Field in Richmond. Pictured are center fielders Jimmy Piersall from Boston and Willie Mays of New York. (To that point, only a 1954 exhibition between the New York Yankees and Richmond Virginians drew a larger crowd.) Willie Mays (right) and Jim Piersall April 9, 1955
You can county the empty seats on both hands in this April 10, 1955 photo of the right-field stands taken at Parker Field during the exhibition between the Giants and Red Sox.
In July 1956 at Parker Field, Havana manager Nap Reyes (center) enjoyed a moment with two Cuban Sugar Canes standouts, Owen Friend (left) and Forest Smith.
John O’Connor
In April 1956, members of the Richmond Virginians engaged in a pre-practice bull session in their locker room. The International League baseball team held spring training in Haines City, Fla., before returning to their local base of Parker Field.
Boston Red Sox star Ted Williams works on his bat while a group of schoolboys watch his every move before the Red Sox played the New York Giants in a 1958 exhibition game at Parker Field.
06-22-1959 (cutline): This was the parking lot at Parker field yesterday as 6,448 persons paid to see the Richmond Virginians split a double header with the Buffalo Bisons and retain the lead of the International League. IT was the highest paid attendance figure here since opening day, when 7,100 paid admissions were recorded. Total attendance for Friday and Saturday single games and yesterday’s doubleheader was 18,546.
In April 1960, members of the Richmond Virginians lined up ahead of their International League season opener at Parker Field against Toronto. The Vees played in Richmond from 1954 to 1964 and were the AAA affiliate of the New York Yankees for much of that span.
New York Yankees manager Yogi Berra (left) and Mickey Mantle before a game against the Richmond Virginians at Parker Field in April 1964.
In April 1966, an announced crowd of 7,400 watched the Richmond Braves’ International League season opener at Parker Field. R-Brave Dick Kelley delivered the first pitch to Dave May of the Rochester Wings, who won 3-2. The R-Braves came to town that year as the AAA affiliate of the Atlanta Braves.
Last of regular games at Parker Field on Labor Day, Sept. 5, 1967.
04-09-1968: Three Richmond Braves ready for season. From left, Gil Garrido, Ed Pacheco and Angel Hermosa at West Palm Beach Fl., Camp.
This June 1970 image shows Bob Powell at his keyboard, high in the grandstand at Parker Field in Richmond. Powell was the organist for the Richmond Braves baseball team from 1964 to 1971. He made special efforts to get to know all the players and come up with a special melody to suit them.
In April 1976, Jack McKeon, the new manager of the Richmond Braves, surveyed the baseball team’s home at Parker Field on the eve of the International League opener. McKeon managed the team for one year, leaving in 1977 to become manger of Oakland Athletics. In 2003, at age 72, he won a World Series as manager of the Florida Marlins.
07-03-1981: Ernie Johnson (left), Darrell Chaney are down on the farm this week. ‘I must confess … If it wasn’t for this, there wouldn’t be much to do.’ This was during the 1981 baseball strike.
09-01-1984 (cutline): Hank Aaron accepts award for late brother Tommy at ceremonies at last night’s game at Parker Field.
08-21-1984 (cutline): Closing ceremonies at Parker Field.
09-01-1984 (cutline): The first Pitch(es)–It took more than one ceremonial first pitch last night at Parker Field. It took five. Doing the honors were (from left) Henrico County Supervisor John A. Waldrop Jr., Dick Hollander, former Mayor Edward E. Haddock, Richmond Mayor Roy A. West and Chesterfield County Supervisor Harry G. Daniel. In 1954 Haddock drove a bulldozer as ground was broken for Parker Field. Hollander is general operating chairman of the committee that will supervise its rebuilding.
In September 1984, a crowd of almost 6,000 watched the Richmond Braves play their final Triple-A baseball game at Parker Field on the Boulevard. Days later, the stadium was leveled to make way for the Diamond, which debuted the following year and is now home to the Double-A Richmond Flying Squirrels.
Steve Curnutt and his sister Pam, on September 1, 1984, look at empty spaces where seats were removed the previous night by fans at Parker Field.
10-01-1984: Early stages of construction of The Diamond.
12-15-1984: The Diamond under construction.
10-15-1984: Construction of The Diamond begins.
The Diamond under construction.
04-17-1985: Worker in a sea of stands
04-17-1985: View from left field stands toward downtown Richmond.
04-16-1985 Worker on cherry picker during construction of The Diamond.
The Diamond under construction
The Diamond under construction.
07-24-1985 — No Frills … Yet — The Diamond Room restaurant at the Richmond Braves’ home park is nearing completion, with an uncarpeted unveiling set for tonight. The facility should be ready for the public by mid-August, according to R-Braves’ General Manager Richard Andersen.
7-25-1985: The Diamond, inside.
7-25-1985: The Diamond, inside. Final stages.
04-17-1985: Press box still being worked on.
04-17-1985: Paul Zuvella in the new Braves club house.
04-17-1985 (cutline): Worker supplies some of the last touches before game time: base lines and batter’s box.
04-18-1985 (cutline): First-nighters packed The Diamond to see the area take the wraps off its new stadium.
4-18-1985 (cutline): Cammie Joyce, daughter of the late Dr. William Parker for whom old Parker Field was named, wound up and fired first ball last night.
4-18-1985 (cutline): Connie Joyce, daughter of Dr. William Parker, threw out first ball; Larry Owen returns it.
04-18-1985 (cutline): Henry Aaron’s words made a big hit with the Richmond Braves fans.
1985: The San Diego Chicken works a ‘sight gag;’ home umpire Dennis Cregg plays along.
08-07-1987: Problem for Atlanta–Dave Griffith, Richmond’s 27-year-old first baseman, will become a free agent this season if Atlanta doesn’t protect him on the 40-man winter roster. Despite his impressive statistics, Atlanta isn’t sure about what to do with him.
04-02-1989: Gerald Perry of the Atlanta Braces gets a “high five” from the Richmond Braves’ mascot as he is introduced in the starting lineup of Atlanta vs. Pittsburgh Pirates at The Diamond this afternoon.
08-07-1990 (cutline): Members of the Richmond Braves ground crew splashed off the field after downpour–Richmond received 1.1 inches of rain yesterday–which caused officials to call off the Braves’ game at The Diamond with the Rochester Red Wings.