From 2019-2022 more than 75 development projects totaling $3.6 billion have been completed or are underway in the Downtown Master Plan area of the City.
Since 2000, Downtown has also absorbed nearly half of the city's population growth, become the uncontested economic center of Richmond and has a remarkable concentration of the city's real estate and cultural assets.
Downtown Richmond is a clear leader in population growth, share of citywide jobs, assessed values and share of citywide retail sales.
Downtown sits on 3.2 square miles of the City, which is just 5% of the City land and has a land value of over $3 billion per square mile compared to $0.56 billion for the City and $0.065 billion per square mile for the region. Downtown also has a remarkable concentration of the City’s real estate assets:
* Source: International Downtown Association Research on Richmond for “The Value of U.S. Downtowns and Center Cities,” 2020
^ According to 2020 data from the U.S. Census Bureau. This report data is bound by Belvidere St, the James River, and Interstate 64/95—encompassing Jackson Ward, Monroe Ward, the Financial District and Shockoe Slip. The data does not include Shockoe Bottom and Manchester neighborhoods
*** ECONOMIC IMPACT ANALYSIS OF VENTURE RICHMOND ACTIVITIES AND ASSOCIATED SPENDING, conducted by VCU Center for Urban and Regional Analysis, Nov. 2020