Richmond-Petersburg Diamond District Plan Shifts Toward Offices and Hotel Rooms
The Diamond District development plan in Richmond-Petersburg has been adjusted in its initial phase to feature more office space and hotel rooms, with a corresponding reduction in market-rate apartments. The change, approved by the Richmond Economic Development Authority, aims to…
Richmond Petersburg, VA, October 23, 2026 —
The initial phase of the Diamond District development plan in Richmond-Petersburg has been revised to include more office space and hotel rooms and fewer market-rate apartments. The change was approved by the Richmond Economic Development Authority.
The adjustment is intended to respond to increased demand for commercial and hospitality uses, according to the available description of the plan. It is also expected to enhance tax revenue for the city. No estimate of the anticipated revenue effect was provided.
The development is situated adjacent to CarMax Park. The available information does not specify how many offices, hotel rooms or apartments are included in the revised initial phase, or how the changes compare numerically with the earlier plan.
Other details about the project were not provided, including its overall cost, construction schedule, developer, and whether the approved adjustment changes any later phases. The information also does not include statements from the Richmond Economic Development Authority or project representatives explaining the decision in greater detail.
The confirmed change is limited to the initial phase: more office space and hotel rooms, alongside a reduction in market-rate apartments. The city’s expected tax-revenue benefit and the stated demand for commercial and hospitality uses are the reasons given for the adjustment; no further supporting figures or projections were provided.
Story summarized from the original created by Jonathan Spiers on richmondbizsense.com, see more information here.
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