Richmond Mayor Dwight C. Jones has enlisted the city's financial advisers to test the feasibility of a proposed ballpark development for Shockoe Bottom.
The city is spending $100,000 to get an outside review of the $363 million Shockoe Center project.
Meanwhile, a local group that hopes to bring a team to Richmond moved one step closer last night to taking over a franchise currently based in Connecticut.
The two-month feasibility study is being done by Davenport & Co. of Richmond, along with Economic Research Associates of Washington and Chmura Economics & Analytics of Richmond.
The firms will check the market assumptions behind the restaurants, offices, housing and other elements that would be built, as well as the viability of the plan to finance the ballpark with bonds backed by tax revenue generated by the new development.
The analysis also will consider potential costs to the city and the direct and indirect impacts on jobs and taxes, according to the city's contract with Davenport.
Jones has moved cautiously on Shockoe Center after taking office Jan. 1 and inheriting the proposal from Mayor L. Douglas Wilder's administration. Jones' willingness to seek an independent review is "greatly encouraging," said Pete Boisseau, a spokesman for the Shockoe Center developers, led by Highwoods Properties.
"We're optimistic and confident that they'll find that what we've been saying is generally correct and true."
But Paul Goldman, who ran for mayor last fall before endorsing Jones, said he can't understand why the city needs to spend $100,000 to determine whether the development is viable.
"That's why you have a finance department," said Goldman, who as a policy adviser to Wilder critiqued a previous plan for a ballpark in Shockoe Bottom.
The study is expected to build on a report submitted to the city by the firms in September 2008. That report covered the potential market, tax-revenue implications, and economic and fiscal impacts of the Shockoe Center development, as well as one proposed by Highwoods Properties for North Boulevard. Further details were unavailable yesterday.
Highwoods Properties is seeking preliminary city approval for Shockoe Center by Aug. 1.
Meanwhile, a group of local investors continues to pursue the purchase of the Class AA Connecticut Defenders of the Eastern League.
The City Council in Norwich, Conn., voted unanimously last night to authorize the city manager to transfer a lease of Dodd Stadium from the Defenders' current owners to Richmond Baseball Club LC, according to the Norwich Bulletin.
The group is led by Bryan Bostic, who did not return two calls yesterday. The group's plan calls for buying a team before the 2009 season starts next month, and then seeking permission from Minor League Baseball to relocate the franchise to Richmond for the 2010 season. The team would play at The Diamond until Shockoe Center's anticipated opening in 2012.
The developers have been making their pitch to community groups for weeks. A meeting organized by 9th District Councilman Douglas G. Conner Jr. is scheduled March 24 from 5 to 7 p.m. at Southside Baptist Christian School, 5515 Bryce Lane in South Richmond.
Contact Will Jones at (804) 649-6911 or wjones@timesdispatch.com.
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