Today, overlooking the sprawling views of the James River and Brown’s Island, Venture Richmond hosted a groundbreaking celebration to kick off construction and announce the top donors for the Brown’s Island Improvement Project, including CoStar Group for its $5 million contribution toward the project that reimagines one of Richmond’s most beloved public gathering spaces.
“Brown’s Island sits at the heart of what makes Richmond so special – its creativity, community spirit, and connection to the river,” said Andy Florance, Founder and Chief Executive Officer of CoStar Group. “CoStar Group is proud to support this transformative project, helping to unlock Brown’s Island’s full potential as an inviting and accessible destination in the heart of the city for visitors, students, residents, the business community, and even wildlife to enjoy. The company and I are deeply invested in Richmond’s growth and future, and we know Brown’s Island will continue to be a vibrant gathering place that reflects the energy and innovation of this great city.”
With a total cost of $30 million, the Brown’s Island Improvement Project is a comprehensive plan to transform every part of the island—adding critical infrastructure such as potable water, restrooms, ADA-accessible entrances and pathways, and engaging elements such as a splash pad, river terraces, shade trees and seating, among other improvements, that will create fresh opportunities for recreation, entertainment and environmental sustainability. Annually, Brown’s Island welcomes more than one million visitors to experience all the island has to offer.
The City of Richmond has committed $15 million to the project, and Venture Richmond is raising the additional $15 million through private sector and philanthropic funding. Fundraising is still underway, with 16% of the total $30 million remaining to raise from the community. CoStar has pledged the largest private contribution to the project. In addition to CoStar’s gift, Venture Richmond announced significant seven-figure gifts from The Community Foundation for a greater Richmond, Dominion Energy, and NewMarket Corporation. Additionally, $250,000 gifts have been provided by McGuireWoods, and TowneBank, along with a half-million-dollar challenge grant by the Mary Morton Parsons Foundation.
“The Brown’s Island Improvement Project has been a long time coming, and we could not be more excited to embark on this development,” Richmond Mayor Danny Avula said. “The events and attractions that take place on Brown’s Island are a major economic driver for the City, which is why this project is a wise investment and has the full support of the City of Richmond. This team dreamed a new future for Brown’s Island, and together we are making that happen for Richmonders and visitors to enjoy for years to come.”
Planning for the project began in 2018, and it received conceptual approval from the City Planning Commission in late 2019. The City Urban Design Committee and Planning Commission unanimously approved the final plans earlier this year. The City of Richmond kickstarted the fundraising with its $15 million commitment to the project.
“The Brown’s Island Improvement Project will lead to a world-class riverfront park and show us all how transformative public-private partnerships can be,” said Farhad Aghdami, board chair of Venture Richmond. “This project is the embodiment of Venture Richmond’s role in our community, which is to help enhance the vitality of our community. We’re so proud of this project and are grateful for the donors who have contributed over $25 million thus far. We truly look forward to the day when Richmond sets foot on the new Brown’s Island.”
With construction underway, Brown’s Island will remain closed until October 2026 with plans to reopen in time for the 2026 Richmond Folk Festival. Dominion Energy Riverrock will take place along the Riverfront May 15-17, 2026, but will not utilize Brown’s Island. The T. Tyler Potterfield Memorial Bridge generally will remain open throughout construction and accessible from Tredegar Street via the western end of Brown’s Island. Friday Cheers will take a hiatus in 2026 and return to the island in 2027.
The Brown’s Island Improvement Project will cap a series of remarkable Downtown riverfront developments, including the Allianz Amphitheater at Riverfront and CoStar Group’s half-billion-dollar investment in its new research headquarters, which will include several new restaurants on Tredegar Street.
For more information and renderings of the Brown’s Island Improvement Project, please visit our website at BiggestLittleIsland.com.