Category Archives: Land use & development

Rendering of outdoor plaza proposed for the new Regency Mall. Source: Baskervill

by James A. Bacon

The most important urban redevelopment project in Henrico County is taking place at the old Regency Mall, once a typical suburban mall anchored by department stores, surrounded by acres of asphalt, and disconnected from the shopping centers and neighborhoods around it. Once upon a time, the idea of driving to the mall and then strolling around in air-conditioned comfort was deemed the pinnacle of suburban living. But the Macy’s, and Sears, and many chain stores are all gone.

Five years ago, The Rebkee Co., purchased the parcels for the mall and out buildings for a total of $18.4 million with plans to execute a drastic overhaul. Until very recently, the only signs of change were reconstruction of streets accessing the mall and the addition of several stand-alone chain restaurants such as Panera, Chipotle, First Watch, and Starbucks on the periphery. There was no sign that the new owners had any intention to incorporate any element of walkable urbanism. I wrote off the project as a dumpster drive of a project consisting of buying the property at distress prices and generating quick, low-risk returns… in other words, business as usual that would blow an opportunity to create anything resembling urban living in Henrico.

But I may have been wrong. According to the Richmond Times-Dispatch, Rebkee is undertaking a makeover of the mall as a mixed-use facility combining 320 apartments, entertainment, and some retail. Continue reading →

The most controversial issue facing Richmond City Council these days is the proposed Navy Hill project, a $1.5 billion urban renovation project in downtown Richmond backed by the NH District Corp., Dominion Energy CEO Tom Farrell, and Mayor Levar Stoney. Backers argue that transforming under-utilized land, much of it surface parking lots, into mixed use development will generate $1 billion in incremental new revenue for the city over 30 years and support 9,300 permanent jobs. The key sticking points are whether to build a new Coliseum, adding hundreds of millions of dollars to the project cost, and whether to extend the special tax district, which would generate tax revenue to pay off the project bonds, far beyond the boundaries of the project itself. — JAB

by Brian Glass

I’ve been  a Commercial Real Estate Broker in Richmond since 1986. I’ve seen the failure of the 6^th Street Marketplace, The Farmer’s Market makeover, and the restoration of Main Street Station and train shed — the latter two with buckets of federal money — none of which have worked out financially for the city. These fiascos show that the City of Richmond needs the private sector when it comes to re-development projects. NH District Corp. fits the bill. Here’s why:

Blight. The area proposed by NH District Corp. for re-development is blighted, with the Coliseum, built in 1971, at the epicenter. We refer to the Coliseum as “functionally obsolete.” The City has an opportunity not only to replace the Coliseum but to provide approximately 2,000 apartments, a percentage of which would be dedicated to “workforce housing,” a high rise hotel, commercial office space of up to 1 million square feet, the renovation of the historic Blues Armory, a long-sought GRTC bus transfer station, infrastructure improvements, and some retail. Continue reading →