The Cordish Companies has unveiled additional details of a $1.4bn transformative mixed-use development in Petersburg, Virginia, after being selected by the city on a unanimous basis in October.
The company has vowed to construct “a world-class entertainment destination” that will deliver billions of dollars in economic benefits and create thousands of new jobs and benefits to the local community in a bid to become “a major new tourist destination for the city”.
It is said that the destination, which will be developed in phases, will feature more than 670,000 square feet of gaming, hotel, dining and entertainment space; 200-room hotel; over 2,000 slots and electronic table games and 60 live action table games including poker; sportsbook, event centre, a dozen food and beverage outlets and free parking surface.
“The Cordish Companies is pleased to unveil details today for this major transformative development,” explained Zed Smith, Chief Operating Officer of The Cordish Companies.
“Live! Gaming & Entertainment District will be a catalyst for change and significant urban development, will transform the city by creating a thriving entertainment and hospitality attraction for the entire region, and provide first-class amenities for the local community while generating spin-off economic development, creating thousands of new jobs for area residents, and substantial opportunities for local, minority, women-owned, and veteran-owned businesses. We look forward to continuing our work with the city to bring their vision to life.”
Cordish stated that the Live! Gaming & Entertainment District, upon full build-out, will, over a 15 year period, drive more than $10bn in economic stimulus to the region, $1.1bn in tax revenue, 10,000 jobs and four million square feet of overall mixed-use development, including over 1,300 residential units, 500 hotel rooms and 600,000 square feet of retail, dining and entertainment space.
“The details unveiled today show what the city’s vision is for this type of project and why we wanted to work with Cordish as the developer,” commented Petersburg Mayor Sam Parham.
“An important part of our selection process was to identify a development partner with a proven track record in developing and operating mixed-use and casino properties, a long history of revitalising cities across the country, and strong community engagement practices.
“Cordish is the only company, of the many we consulted with, that showed Petersburg a plan that goes beyond a casino and gives us a path to revitalise our city. We are confident that we have the ideal partner in The Cordish Companies to bring our vision to fruition.”
