The nation’s only Black-owned casino could soon break ground in Virginia.

Urban One held a media event on Tuesday morning to announce the $517 million proposal that could bring a resort-style casino to the state’s capital, reports WRIC.

Four companies are in the running to spearhead the multi-million dollar project set to take over Richmond. Urban One, a Black-owned media company that owns TV One along with dozens of radio stations, hopes to transform the River City’s southside with a world-class entertainment, dining, and gaming destination.

“Our proposal is unparalleled and can not be matched,” said Urban One CEO Alfred Liggins. “We would be creating the only black-owned casino in the United States of America. Perhaps more importantly, our project will be very diverse and inclusive.”

The $517 million project could possibly include a 3,000 person capacity theater, broadcast production studios for both film and radio, 150 hotel rooms, 12 restaurants and bars, 50 acres of green space for bike trails, food trucks, and playgrounds, and 20,000 feet of event space.

One Casino Resort is also expected to have 100 gaming tables that include blackjack, craps, poker, and roulette. The massive gaming facility is also set to have 1,800 slot machines.

“ONE will create more than 1,400 jobs and generate more than $47 million in tax revenue,” continued Liggins. “This money will be available for critically important Richmond projects and initiatives including schools and affordable housing and we will achieve these numbers with a workforce that looks like Richmond.”

He also shared that Urban One has been in the Richmond community for more than three decades and that this project will focus on using local resources to create a sense of community.

Local Black-owned restaurants have already been secured as well as community investors like former NBA and University of Richmond basketball star, Johnny Newman.

“I love Richmond and this is a good opportunity for the city,” said Newman. “For years I’ve been trying to get entertainment opportunities in the basketball field.”

The city’s deadline for all interested parties to submit proposals was Feb. 23. Along with Urban One, three other companies have submitted proposals.