The Cordish Companies, a U.S.-based real estate development and entertainment operating company, recently announced a $1.4 billion mixed-use development in Petersburg, VA, including over 670,000 square feet of gaming, hotel, dining, and entertainment space.
The project, dubbed Live! Gaming & Entertainment District is a mixed-use project. The developer expects to generate billions of dollars in economic benefits and associated development, create thousands of new jobs locally, and become a tourist destination.
“The details unveiled […] show what the City’s vision is for this type of project and why we wanted to work with Cordish as the developer,” Petersburg Mayor Sam Parham said. “An important part of our selection process was to identify a partner with a proven track record in developing and operating mixed-use and casino properties, a long history of revitalizing 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 revitalize our city.”
Cordish has developed casino entertainment resorts in the U.S., including the Hard Rock Hotel & Casino Hollywood, FL, the Hard Rock Hotel & Casino Tampa, FL, Live! Casino & Hotel Maryland, Live! Casino & Hotel Philadelphia, and Live! Casino Pittsburgh.
The real estate developer has been honored with seven Urban Land Institute Awards for Excellence for its urban revitalization accomplishments.
“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,” Chief Operating Officer of The Cordish Companies, Zed Smith said.
Live! Casino & Hotel will be built in phases over 15 years and, according to a press release by Cordish, will generate:
- $3.6 billion in economic stimulus to the Region
- $675 million in gaming tax revenues, including $214 million to the City
- $350 million in economic spend during construction
- $220 million in annual economic benefits each year after opening
- Over 4,000 new construction and permanent jobs
Features of the world-class casino resort destination will include:
- More than 670,000 square feet of first-class gaming, hotel, dining and entertainment space
- An upscale 200-room hotel featuring 20 suites, a resort pool, and a fitness center
- Over 2,000 slots and electronic table games and 60 live-action table games
- Sportsbook
- State-of-the-art event center for entertainment, meetings, conventions, and social gatherings
- Over a dozen best-in-class dining and entertainment options
- Free surface parking
The project will include 4 million square feet of mixed-use development, with more than 1,300 residential units, 500 hotel rooms, and 600,000 square feet of retail, dining, and entertainment space.
According to Cordish Companies, the development will generate over $10 billion in economic stimulus, $1.1 billion in total tax revenues, and 10,000 jobs.
