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Richmond votes down $1.5B downtown redevelopment proposal

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Posted at 11:39 AM, Feb 11, 2020
and last updated 2020-02-11 11:39:30-05

RICHMOND, Va. - The Richmond City Council has voted against a major redevelopment initiative that would've replaced a shuttered arena in Virginia's capital city with a new venue as well as high rises, housing, commercial and retail space.

The Richmond Times-Dispatch reports that on Monday, a majority of council members struck down the $1.5 billion proposal Mayor Levar Stoney had been championing for years.

Supporters said the deal would've brought growth, jobs and investment.

Opponents worried it would divert funds from schools and raise housing costs and displacement.

The Council has said Stoney can try the proposal again following new guidelines that call for more public input, among other changes.