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New real estate developments arise in Greater Richmond
August 13, 2024
As Greater Richmond economic development blossoms, so does the region’s quality of life. Since announcing new Greater Richmond operations, companies like CoStar Group, The LEGO Group, SanMar Corporation and Amazon are attracting new residents to the region to join their workforces.
Developers are meeting these new residents with new and innovative community developments across the region. Not only will these projects enhance Greater Richmond’s quality of life, but they will also boost the region’s sustainability, inclusivity and economy.
The developments outlined below are expected to generate a total of roughly $7.4 billion in capital investment.
City Center Innovation District
The City of Richmond’s City Center Innovation District project will span 26 total acres. The plans aim to enhance the region as a hub for Life Sciences and innovation. Adjacent to the VA Bio+Tech Park, the Innovation District will feature cutting-edge biotechnology labs as well as Class A office space, housing, retail and a 500-room hotel. Sustainable building practices like adaptive reuse will bolster Greater Richmond’s commitment to corporate and community social responsibility. Project construction is estimated to create about 2,000 jobs with thousands of permanent roles once operational.
Diamond District
The City of Richmond announced plans to transform 67 acres dubbed the Diamond District into a dynamic urban hub. In addition to a new baseball stadium, the Diamond District will include Class A office space, housing and an 11-acre public-use park. The Diamond District will both bolster the region’s quality of life and will revitalize the area as a new location for company operations. Located along I-95, the Diamond District will be close in proximity to critical infrastructure including three major highways. Residents in the area will have the opportunity to bike and walk to work thanks to the developers’ “live, work, play” mentality which is prevalent throughout the region.
Riverfront Amphitheater
Further enriching Greater Richmond’s cultural landscape is the Riverfront Amphitheater project located along the James River in Richmond’s downtown area. Set to open summer 2025, the venue will host concerts, festivals, community gatherings, special events and more. This 7,500-seat venue will aid the region in becoming a premier entertainment destination. The project is expected to generate $30.6 million annually as well as more than 300 jobs.
Hickory Hill Technology Park
Hanover County is poised for data center growth with the anticipated 1,200-acre Hickory Hill Technology Park by Tract. The project will create significant job creation with approximately 500 permanent jobs and anticipates more than $65 million annually in property tax receipts over 25 years. The new data center park aims to achieve a 5 percent job growth rate over five years, maintaining a balanced residential-to-commercial ratio and attracting $50 million in new commercial investments.
Former Dragway Site in Henrico
The Former Dragway Site in Henrico is a major development project available near the county’s White Oak Technology Park along interstates I-295 and I-64. The majority of the 92-acre property is cleared with 70 buildable acres. Prepped for heavy industrial zoning, the site’s infrastructure includes 5+ MW of existing electrical capacity installed by Dominion Energy. The site offers a 16” water line and gravity sewer, while its high-pressure gas line runs to the site. The property also features CSX rail sidings, facilitating various operational needs while ensuring safety and efficiency in freight transportation.
GreenCity
Henrico County is embracing transformation with GreenCity, a $2.3 billion redevelopment project. This development spans 200 acres and will include 2.2 million sq.ft. of Class A office space, 280,000 sq.ft. of retail space and 2,100 residential units as well as a 17,000-seat arena for concerts and sports. The multi-purpose arena aims to host touring shows, concerts, NCAA basketball tournaments and AHL Hockey games. Sustainability is a key focus as developers pursue LEED certifications by integrating eco-friendly practices throughout design and construction. GreenCity will direct its strategies to limiting greenhouse gas emissions while utilizing various natural materials and solar power to minimize environmental impact. The developers aim to use 30 percent renewable electricity by 2030 and 100 percent renewable energy by 2050. This eco-district is set to have a collection of green spaces and additional outdoor amenities like a 1.5-mile forest.
Upper Magnolia Green Technology Park
Chesterfield County’s Upper Magnolia Green Technology Park features 1,700 acres designed for computer equipment manufacturing, office space, laboratories, data centers, electronic component manufacturing, accessory production, pharmaceutical manufacturing, research and more. The development received a $25 million state grant plus a $13 million state grant through the Virginia Business Ready Sites Program to enhance infrastructure design and utility upgrades.
The Lake
A massive $323 million mixed-use development featuring the world’s largest surf park is underway in Chesterfield County. The Lake, set on a 105-acre site, will feature a 13-acre recreational lake and a 6-acre surf pool as well as an outdoor amphitheater. Activities will include wakeboarding, an inflatable obstacle course, kayaking, paddleboarding and more. The new development will feature 250,000 sq.ft. of Class A office space, retail shops, entertainment venues and restaurants. The development will include 1,200 housing units with 830 apartments and 360 townhomes and two five-story mixed-use buildings with 300 apartments each. The Lake will also feature a 170-room hotel. The project is expected to create job opportunities across construction, retail, hospitality and service sectors.
Springline at District 60
Springline at District 60 is a 42-acre mixed-use development in Chesterfield County set to redefine the area with its vibrant urban village concept. The first phase of the redevelopment features the James at Springline, a luxury apartment complex with 298 units, high-end amenities and a projected completion date of early 2025. With plentiful Class A office space, companies will seek the Springline area for new operations. This $210 million first phase also includes a festival-like common area, a sports entertainment venue and a specialty market. The development will bolster the region’s quality of life with added green spaces, biking trails and wide streetscapes. Future plans include more residential options, commercial spaces and an extended-stay hotel.
Embracing change in Greater Richmond
As Greater Richmond embraces these transformative projects, the region stands poised for dynamic growth and enhanced quality of life. Not only will these developments and more attract further company investments and jobs, but they will also increase the region’s number of annual visitors.
