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CoStar Could Locate 2,000 New Jobs In Richmond As Part Of Proposed Navy Hill Project

A rendering of what the new CoStar office space could look like. (Photo courtesy of NH District Corp.)
A rendering of what the new CoStar office space could look like. (Photo courtesy of NH District Corp.)

Richmond Mayor Levar Stoney says 2,000 potential new jobs could come to the city as part of the Navy Hill redevelopment deal. 

The commercial real estate company CoStar announced it’s in talks with the builders pushing to redevelop the Richmond Coliseum. The project currently being proposed by NH District Corporation includes a new downtown arena, as well as private shops, apartments and office space in the surrounding Navy Hill neighborhood. CoStar wants to move into a 400,000 sq. ft. building that would be right next to the proposed arena. 

Standing alongside Mayor Stoney on Monday, CoStar CEO Andrew Florance said the Navy Hill project could provide a space for future employees to work and to live.

“We believe in the potential of the Navy Hill project and that it could provide an ideal solution for our company’s future growth here in Richmond,” Florance said.

CoStar currently has around 950 employees based in the WestRock building near the James River, according to Richmond Bizsense.

At Monday’s press conference Stoney thanked CoStar for choosing to expand it’s Richmond-based operation and said the city could attract even more jobs if the Navy Hill proposal is approved.

“If we are able to make Navy Hill a reality, I think you will see not just CoStar but other Fortune 500 outfits throughout this country look at Richmond and say ‘This is a place I want to invest,’” Stoney said.

The endorsement of the Navy Hill project by CoStar’s leader comes just a month before Richmond City Council is set to vote on the proposal. An independent, citizen-led commission recently advised council members that the project was not “a reasonable and sound public investment.”

If the proposal is voted down, Florance said CoStar will still try to expand its Richmond operation.