City Hall finally is ready to seek developers for its biggest economic development project — the redo of the 60-acre city property on North Boulevard where The Diamond baseball stadium and Arthur Ashe Jr. Athletic Center now stand.

Two months behind schedule, Mayor Dwight C. Jones’ administration expects to issue its request for qualifications (RFQ) this week seeking deep-pocket bidders interested in transforming the property over 20 years into apartments, condos, retail outlets and office space.

However, with an election looming and Mayor Jones on the way out, the project’s pace likely will land in the lap of the next administration.

The goal is to create at least $330 million in new development by 2035 that ultimately would generate more than 5,000 new jobs and at least $8 million a year in revenue for the city.

Current projections suggest that it takes more than 10 to 15 years for the development to repay the city’s investment. Since 2012, taxpayers have poured at least $19 million into relocating city and school operations from the site and cleaning up the property.

The RFQ was to go out by Thursday, according to Lee Downey, the city’s top development official.

“We will be seeking individuals or teams who have the ability to take on a big project like this,” said Mr. Downey, whose title is deputy chief administrative officer for economic and community development.

He said the city used an RFQ process in seeking bidders on the Richmond Justice Center, as well as for a variety of other projects, including seeking an artist for the proposed Maggie L. Walker statue Downtown.

Mr. Downey said he expects responses primarily from teams of developers, who will have 90 days to provide information on the experience of their members, borrowing ability, use of minority partners and other items.

Mr. Downey is hoping to get at least 10 responses by the deadline, likely to be around mid-October.

He said an internal administration committee will review the responses, rate them and recommend the finalists. He said finalists would be chosen in late December or early January.

He said he expects three to five development teams to be selected as finalists.

The finalists would receive a request for proposals, with the finalists having up to 90 to 120 days to spell out their vision for the property

How quickly the process of selecting a developer would move would depend on the city’s new leadership. A new mayor and City Council will be elected in November and will take office Jan. 1. — JEREMY M. LAZARUS