City of Richmond Department of Economic Development

What City of Richmond Department of Economic Development does

The City of Richmond Department of Economic Development operates alongside the Economic Development Authority (EDA) of the City of Richmond — a political subdivision of the Commonwealth of Virginia — to administer economic development programs, deploy financial incentive tools, and manage transformative real estate redevelopment for the City of Richmond, Virginia. Its core functions include business attraction and retention across eight priority industry verticals (Life Sciences & Healthcare, Corporate Headquarters & Professional Services, Information Technology, Financial Services, Transportation & Logistics, Specialty Food & Beverage, Advanced Manufacturing, Small Business & Entrepreneurship), administration of incentive programs such as the Affordable Housing Performance Grant Program, Enterprise Zone/CARE Programs, Activation & Beautification Grants, and Small Business Recovery Grant Fund, and stewardship of major redevelopment projects including the 67-acre Diamond District anchored by CarMax Park and the Downtown Transfer Hub.

The organization is staffed by approximately 12 personnel — a Director of Economic Development, Senior Deputy Director, Business Investment specialist, Senior Development Manager, Marketing Manager, Business Retention & Expansion lead, Business Services Manager, and Senior Executive Assistant — governed by a seven-member Board of Directors appointed by Richmond City Council. Its revenue mechanics are non-commercial and funded through Tax Increment Financing, one-time land sale proceeds (e.g., $11.4 million Diamond District Phase 1A parcel transfer), recurring stadium lease payments ($3.2 million annually from the Richmond Flying Squirrels), performance grant recoupments, and joint investments with corporate partners including Dominion Energy and Altria. The go-to-market motion is direct engagement with corporate site selectors, brokers, developers, and small business owners through the richmondeda.com website, industry-specific content, email newsletters, monthly EDA board meetings at Main Street Station, and an active partner network (Greater Richmond Partnership, Activation Capital, Startup Virginia, Venture Richmond, Metropolitan Business League, Virginia Union University, and VCU). The EDA has accumulated 9 IEDC Excellence in Economic Development Awards and multiple national rankings, including Virginia being named CNBC's Top State for Business (2024) and Business Facilities Magazine's 2024 State of the Year.

Name

City of Richmond Department of Economic Development

Legal name

The Economic Development Authority of the City of Richmond

Website

https://richmondeda.com

Company type

Public

Operating status

Operating

Headcount range

11–50 employees

Short description

The City of Richmond Department of Economic Development (with its EDA) is a Virginia municipal authority that administers financial incentive programs, business attraction/retention services, and major redevelopment projects — including the Diamond District and Affordable Housing Performance Grant Program — across eight priority industry verticals for Richmond, Virginia.

Ownership category

akta.pro rank

Product category

Government Economic Development Services

NAICS

Administration of Housing Programs, Urban Planning, and Community Development (9251), Administration of Urban Planning and Community and Rural Development (92512), Administration of General Economic Programs (92611), Administration of Housing Programs, Urban Planning, and Community Development (925)

akta.pro primary industry

Economic Development & Business Licensing (Local) (BPAIACAN)

Keywords

• Economic development services
• Business attraction incentives
• Affordable housing grants
• Commercial real estate development
• Small business support programs

Headquarters

HQ city

Richmond

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Tax Increment Financing (TIF): Revenue from increased property taxes in designated districts used to fund infrastructure and development projects
2. Land Sale Revenue: Revenue from sale of EDA-owned parcels for development (e.g., $11.4 million for Phase 1A Diamond District parcel)
3. Stadium Lease Payments: Annual rent payments from the Flying Squirrels for stadium use ($3.2 million annually for first 10 years, then $1.3 million from year 11 with 3% annual escalation)
4. Performance Grants: Grants to incentivize development of affordable housing through incremental real estate tax offset programs
5. Public-Private Partnership Funding: Combined investments from EDA, Dominion Energy, and Altria for small business recovery initiatives ($500,000 total)

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

The City of Richmond Department of Economic Development (DED), working alongside the Economic Development Authority (EDA), is a municipal government agency that attracts, retains, and expands businesses in Richmond, Virginia. It administers financial incentive programs (Affordable Housing Performance Grants, Enterprise Zone/CARE Programs, Small Business Recovery Grants, Activation & Beautification Grants) and manages transformative mixed-use development projects including the 67-acre Diamond District redevelopment anchored by CarMax Park and the Downtown Transfer Hub project.

Product overview

The City of Richmond Department of Economic Development (DED) and its Economic Development Authority (EDA) function as a government economic development agency rather than a traditional product company. The DED/EDA offers a portfolio of financial incentive programs (Affordable Housing Performance Grants, Enterprise Zone/CARE Programs, Small Business Recovery Grants, Activation & Beautification Grants) and manages major development projects including the Diamond District redevelopment anchored by CarMax Park, the Downtown Transfer Hub, and various business attraction and expansion initiatives. These programs and projects work together to support commercial development, business growth, affordable housing creation, and economic revitalization citywide.

Differentiator

Problem solved

Functional benefit

Brands

• Affordable Housing Performance Grant Program: Program designed to induce private development of new, affordable multifamily units by providing annual grants to offset incremental real estate tax burden for 15-year periods.
• Small Business Recovery Grant Fund

Products and services

• Affordable Housing Performance Grant Program A collaborative program between the City and EDA that incentivizes private development of new affordable multifamily units by providing annual grants to offset incremental real estate tax burden for 15 years (extendable to 30 years). For affordable housing developers.
• Activation & Beautification Grants Financial tools supporting commercial corridor activation and beautification initiatives in Richmond, for property owners and businesses in commercial districts.
• Enterprise Zone & CARE Programs Commercial Area Revitalization Effort (CARE) providing economic development incentives for businesses located in designated enterprise zones in Richmond.
• Small Business Recovery Grant Fund Public-private partnership grant program providing $2,500 or $5,000 grants to small businesses impacted by the January 2025 water emergency, administered by Metropolitan Business League.
• Downtown Transfer Hub Project A state-of-the-art 10-bay Downtown Transfer Hub with accompanying mixed-use overbuild in the City Center Innovation District, including residential, commercial, retail, and public space components.
• Diamond District Redevelopment A 67-acre transformative mixed-use redevelopment anchored by CarMax Park baseball stadium, including mixed-income housing, commercial office space, retail, hotels, and public infrastructure.
• Diamond District Small Business Institute Partnership with Virginia Union University establishing a small business institute and $250,000 revolving loan program as part of Diamond District development.

Quantifiable outcome

• $460M+ capital investment from CoStar Group creating 2,000 new jobs
• +5 more outcomes

Named customers9 records

Segments9 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

24 partnerships are on record, tiered core and major.

• Greater Richmond Transit Company (GRTC)coreStrategic or Co-development Partner · 21 November 2025Partnership for Downtown Transfer Hub project. GRTC operating 10-bay transfer facility and EDA facilitating mixed-use overbuild development on ~3-acre former Public Safety Building site.
• Virginia Union UniversitycoreStrategic or Co-development Partner · 21 November 2025Partnership for Diamond District Small Business Institute and $250,000 Revolving Loan Program. Supporting workforce development and minority business creation.
• Virginia Commonwealth University (VCU)coreStrategic or Co-development Partner · 21 October 2025Shared operating agreement enabling VCU and Flying Squirrels to both call CarMax Park home. Model public-private partnership for sports and community engagement.
• Thalhimer Realty PartnerscoreStrategic or Co-development Partner · 1 April 2025Established local developer leading Diamond District Partners. Managing Phase 1A public infrastructure including roads, utilities, and parks.
• LOOP CapitalcoreStrategic or Co-development Partner · 1 April 2025Black-owned nationally-recognized investment banking firm and part of Diamond District Partners. Bringing minority business expertise and investment to project.
• Whiting-Turner Construction / Prestige ConstructioncoreImplementation/ SI/ Consulting Partner · 1 April 2025General contractor partnership for $40M public infrastructure bond work. Designing firms include Baskervill, Kimley-Horn, Water Street Studio, Lu+Smith, and Groundswell.
• Metropolitan Business League (MBL)coreImplementation/ SI/ Consulting Partner · 1 February 2025Administered the Small Business Recovery Grant Fund. MBL reviewed applications and distributed grants to 117 small businesses. Partnership with Bridging Virginia (CDFI) for Capital Access Hub.
• Bridging VirginiacoreImplementation/ SI/ Consulting Partner · 1 February 2025Community Development Financial Institution (CDFI) partnered with MBL to administer Small Business Recovery Grant Fund through Capital Access Hub, providing capital access for historically marginalized small businesses.
• Virginia Commonwealth UniversitymajorStrategic or Co-development Partner · 27 January 2025Partnership with VCU School of Pharmacy for Haleon-Commonwealth Consumer Healthcare Internship Program supporting Pharmaceutical Science degree program. Five-year co-funded internship program.
• Virginia Economic Development Partnership (VEDP)majorStrategic or Co-development Partner · 27 January 2025Worked with City of Richmond and Greater Richmond Partnership to secure $54.2M Haleon investment. Approved $950,000 performance-based Virginia Investment Performance Grant.
• CarMaxcoreStrategic or Co-development Partner · 1 September 2024Naming rights sponsor for new baseball stadium (CarMax Park). Homegrown Richmond company committed to community support, job creation, and economic development.
• Machete GroupcoreImplementation/ SI/ Consulting Partner · 1 September 2024Project management consultant overseeing CarMax Park stadium development on behalf of Flying Squirrels. Leading sponsorship sales and founding partner agreements.
• Richmond Flying SquirrelscoreStrategic or Co-development Partner · 19 August 202430-year lease agreement for new CarMax Park baseball stadium. Team pays annual rent ($3.2M for first 10 years, $1.3M from year 11 with 3% escalation). Squirrels responsible for stadium operations and management. Minimum 160 event days per year.
• Activation CapitalmajorStrategic or Co-development Partner · 1 September 2023Innovation ecosystem development organization. Gold IEDC Award winner for Innovation Programs. Partner in life sciences ecosystem development, Virginia Bio+Tech Park expansion.
• Startup VirginiamajorStrategic or Co-development Partner · 1 September 2023Entrepreneurship organization. Gold IEDC Award winner in Entrepreneurship Category. Fostering innovation and driving entrepreneurial growth.
• Venture RichmondmajorStrategic or Co-development Partner · 1 September 2023Downtown Business Improvement District operator. Silver IEDC Award winner. Manages downtown area representing ~30% of City's total land value with 25,000 residents.
• VPMmajorStrategic or Co-development Partner · 21 June 2023Virginia's public media organization building new $65M headquarters at 13-17 E. Broad St. 5-story, 53,700 sq. ft. facility with community studio and event space.
• SMBW (Architect)majorImplementation/ SI/ Consulting Partner · 21 June 2023Architecture firm designing VPM headquarters. Design honors historical architecture of Monroe Ward neighborhood while looking forward to the future.
• Diamond District Partners LLCcoreStrategic or Co-development Partner · 8 May 2023Joint development partnership between City of Richmond and Diamond District Partners LLC (composed of Thalhimer Realty Partners and LOOP Capital) for the 67-acre Diamond District mixed-use redevelopment anchored by CarMax Park. Includes provisions for 40% MBE requirements, 40% union labor, and 20% affordable housing.
• Virginia Union University (VUU)coreStrategic or Co-development Partner · 8 May 2023Partnership for Diamond District Small Business Institute and $250,000 Revolving Loan Program. Supporting inclusive economic growth.
• U.S. Pharmacopeia (USP)coreStrategic or Co-development Partner · 1 December 2022Co-located laboratories at the Advanced Pharmaceutical Development Center at Virginia Biotechnology Research Park. Providing R&D services for pharmaceutical ingredients leveraging advanced manufacturing technologies.
• Alliance for Building Better MedicinecoreStrategic or Co-development Partner · 1 January 2020Phlow-led cluster of advanced pharmaceutical manufacturers and researchers in the Richmond-Petersburg region working to fix broken pharmaceutical supply chain. Secured $111M+ investment including $52.9M from U.S. EDA's Build Back Better Regional Challenge.
• Medicines for All InstitutecoreStrategic or Co-development Partner · 1 January 2020VCU-based institute led by Phlow co-founder Frank Gupton, providing expertise in affordable pharmaceutical manufacturing.
• Greater Richmond Partnership (GRP)coreStrategic or Co-development PartnerRegional economic development organization collaborating on business attraction, retention, and expansion efforts. Assisted with Haleon expansion, Terracon office opening, and Nightingale expansion.

Scale indicators22 records

Recent moves11 records

Expansion highlights6 records

Regional players

• Virginia Economic Development Partnership (VEDP): VEDP is the Commonwealth of Virginia's state-level economic development authority that approves Virginia Investment Performance Grants (e.g., $950K for Haleon). It is one tier above Richmond EDA in the state system but operates with the same incentive toolkit and shares corporate prospects, making it a direct functional peer.
• Greater Richmond Partnership (GRP): GRP is the regional private/public economic development organization assisting the City of Richmond EDA on business attraction and retention (Haleon, Terracon, Nightingale). It directly partners with Richmond EDA on overlapping mandates and competes/coordinates on local prospect servicing, making it the closest geographic peer.

Direct peers

• Philadelphia Industrial Development Corporation (PIDC): PIDC is Philadelphia's public-private economic development corporation managing real estate, tax-exempt bond financing, and large redevelopment projects along the riverfront. Its mix of land disposition, performance-based grants, and industry cluster development is directly comparable to Richmond EDA's portfolio approach.
• Los Angeles Economic Development Corporation (LAEDC): LAEDC is a public-private partnership that markets the LA region for corporate attraction, runs industry cluster initiatives (life sciences, aerospace, advanced manufacturing), and manages incentive programs. Its industry-vertical segmentation and prospect engagement model mirrors Richmond EDA's Life Sciences, IT, Financial Services, and Specialty Food & Beverage verticals.
• Boston Planning & Development Agency (BPDA): BPDA is Boston's municipal planning and economic development agency that combines zoning, real estate, and major project oversight (e.g., Suffolk Downs, Parcel 1B). Its combination of land use authority and large-scale development dealmaking is structurally similar to Richmond EDA's Diamond District-led approach.
• Houston First Corporation: Houston First operates the city's convention center, theaters, and manages event venue development (including the recent convention district redevelopment). It is a municipal authority executing public-private partnerships and managing entertainment/sports district assets, comparable to Richmond EDA's CarMax Park and Allianz Amphitheater roles.
• New York City Economic Development Corporation (NYCEDC): NYCEDC is the City's primary economic development vehicle, managing real estate, incentives, and major redevelopment projects (e.g., Hudson Yards, Willets Point) much like Richmond EDA manages the Diamond District. Both organizations deploy TIF, performance grants, and land sales to attract corporate investment and produce affordable housing, with comparable toolkits though at vastly different scale.
• Greater Cleveland Partnership (GCP): GCP is a public-private economic development organization leading the Global Cleveland talent attraction initiative and managing major site redevelopment (e.g., Flats East Bank). Its integrated approach to talent attraction, business attraction, and large redevelopment projects is comparable to Richmond EDA's combined workforce/life sciences/development strategy.
• Chicago Department of Planning and Development (DPD): Chicago DPD administers TIF districts, affordable housing requirements, and large-scale redevelopment corridors (e.g., The 78). Its use of TIF, MBE/WBE goals, and inclusionary housing mandates closely parallels Richmond EDA's TIF financing, Diamond District MBE/affordable housing rules, and Affordable Housing Performance Grant Program.
• San Francisco Office of Economic and Workforce Development (OEWD): SF OEWD is a municipal agency administering incentive programs, managing major development projects (e.g., Mission Bay, Transbay), and coordinating workforce development. Its toolset — TIF, fee waivers, small business grants, and inclusionary housing — directly mirrors Richmond EDA's program portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/city-of-richmond-department-of-economics

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about City of Richmond Department of Economic Development