What Is the Diamond District? Richmond Commercial Space Around CarMax Park, Explained

Diamond District Richmond commercial space does not exist yet in any meaningful quantity: as of September 2026, the only finished new building is CarMax Park, the Richmond Flying Squirrels’ ballpark, which opened in April 2026. The first private buildings – apartments with ground-floor commercial space, an office building, a hotel, a retail building and workforce housing – are scheduled for 2028 and later, so tenants should treat the district as a future option and plan around what is already open next door in Scott’s Addition.

This post explains what the Diamond District is, who is building it, what the first phase contains, and what it means for retail and office tenants and for owners nearby. For the neighborhood around it – zoning, adaptive reuse costs and lease terms – see our Scott’s Addition commercial space guide.

What is the Diamond District in Richmond?

The Diamond District is a city-led redevelopment of about 67 acres of under-used, publicly owned land along Arthur Ashe Boulevard and Hermitage Road, just east of Scott’s Addition. The City of Richmond’s Diamond District page describes 67.57 acres, about 60 owned by the city and 6 by VCU at the time. The site includes the old Diamond ballpark, the former Sports Backers Stadium site and the Arthur Ashe Junior Athletic Center.

In 2021, City Council rezoned the city’s Diamond assemblage to TOD-1 Transit-Oriented Nodal, the same high-density mixed-use district used along Broad Street, according to Richmond BizSense. That zoning allows retail, office, residential and hotel uses in the same buildings. Richmond is also rewriting its zoning ordinance through Code Refresh, so district names may change; see how Richmond’s Code Refresh affects commercial property.

Who is developing the Diamond District?

The master developer is Diamond District Partners LLC, led by Thalhimer Realty Partners. City Council approved the updated development agreement, bond authorizations and a Diamond District Community Development Authority on May 8, 2024, per a city press release. Virginia Business later reported that Thalhimer had become the sole principal of the partnership after other original partners exited, with a team that has included residential developers Pennrose and NixDev.

In March 2025, the Richmond Economic Development Authority transferred the 18-acre Phase 1A parcel to Diamond District Partners for $11.4 million, according to the city. About 6 of those acres are for streets and parks that return to public ownership; the rest is for private development. Richmond BizSense reported in 2026 that Kalyan Hospitality replaced the original hotel developer and that Whiting-Turner is the general contractor. The ballpark itself was developed separately by the Flying Squirrels’ ownership.

What is in Phase 1 of the Diamond District?

Phase 1A is the only part with named buildings. The table below uses the most recent reporting available as of September 2026; details have shifted several times since 2024, and they may shift again.

Later phases (1B, 1C and beyond) are described only in totals. Virginia Business reported the full 67-acre plan at about 2,800 residential units, 935,000 SF of office and 195,000 SF of retail and community space. Treat those as long-range targets tied to market demand, not scheduled deliveries.

Why the retail numbers don’t match

Published retail figures for Phase 1 differ. The city’s March 2025 announcement cited 30,000 SF of commercial space in Phase 1A. Richmond BizSense reported in May 2026 a roughly 20,000 SF retail building plus about 10,600 SF of retail in the office building and 4,000 SF in Dōma, which adds up to more than 30,000 SF. A 12 On Your Side report in April 2026 said “30,000+” SF. These likely reflect a plan that evolved, but no single source reconciles them, so ask the leasing team for current plans and floor-by-floor square footage before you rely on any figure.

When will Diamond District Richmond commercial space be available?

1. 1April 2026: CarMax Park opened; the first game on April 7 drew a sold-out crowd of 9,585, according to VPM.
2. 2Mid-2026: Sports Backers Stadium was demolished and that land conveyed to the developer, per Richmond BizSense.
3. 3July 2026: Dōma broke ground, with a public park under construction alongside it.
4. 42028: Dōma targets early 2028 and the office building late 2028, per Richmond BizSense.
5. 52032 and beyond: Virginia Business reported Phase 1A completion expected by 2032 and all of Phase 1 by 2034. The old Diamond will stay standing for years; its demolition is part of a later phase, per 12 On Your Side.

What does the Diamond District mean for retail and office tenants?

Retail and restaurant tenants get new-construction space with modern power, venting and accessibility – the opposite of the adaptive-reuse challenges in older Scott’s Addition warehouses. The trade-offs are new-build rents, a long wait, and a customer base that will build up slowly as apartments, the office building and the hotel open. Ballpark crowds are seasonal and concentrated on game nights, so a concept that only works on game days is a risky bet.

Office tenants will get one new building in Phase 1, with Hirschler as anchor. That suits firms that want new space near Scott’s Addition’s restaurants and the I-95 corridor. Ask how parking in the shared deck will be allocated when games and events are on.

What does it mean for Scott’s Addition owners nearby?

• Event-day traffic is here now: good for bars and restaurants, harder on parking and loading. Richmond no longer requires minimum parking, so demand, not zoning, is what limits you; see Richmond’s parking rules for commercial property.
• New residents and office workers from 2028 add weekday and evening customers within walking distance of Scott’s Addition storefronts.
• New competing space will arrive in phases. Owners of older buildings should compete on character, loading, ceiling height and rent, not on finishes.
• Land and redevelopment interest tends to rise near public investment, but pricing a Scott’s Addition property on Diamond District renderings is speculation. Underwrite what is under construction.

The city has said it is pacing delivery on purpose. Richmond’s economic development director told 12 On Your Side the city does not want to put too much in the market at once because the market could not absorb it. That should limit oversupply, but it also means the district will fill in over many years.

Talk through Diamond District and Scott’s Addition options

If you are deciding between existing Scott’s Addition space and waiting for the Diamond District, or you own nearby and want to think through timing, get in touch. I am glad to compare options and point you to current listings. The broader neighborhood picture is in our Scott’s Addition commercial space guide.