Richmond, Virginia is experiencing unprecedented growth and transformation with dozens of major residential and mixed-use development projects underway or planned for 2026-2027. From trendy urban neighborhoods to thriving suburban communities, the greater Richmond area is poised for significant expansion that will reshape its real estate landscape and offer homebuyers and renters numerous new options.
Scott’s Addition: Richmond’s Premier Urban Neighborhood
Scott’s Addition continues to lead Richmond’s development boom with several major projects reshaping the historic industrial neighborhood. The crown jewel of current development is a groundbreaking $144 million mixed-use project at 3200 W. Moore Street, a collaboration between Hoffman & Associates and DeBartolo Development. This 7-story complex will feature over 400,000 square feet of space, with the project marking Hoffman’s entry into the Richmond market following the success of The Wharf mixed-use development in Washington, D.C.
This massive mixed-use development will include 366 apartment residences along with approximately 18,000 square feet of ground-floor retail space. Construction is currently underway, with leasing expected to begin in late Summer 2027. The project represents one of the most significant residential developments in the Scott’s Addition neighborhood since its transformation into a vibrant urban community began a decade ago.
Beyond the W. Moore Street project, Scott’s Addition is also attracting hotel investment. The neighborhood has approved two new hotel developments: a project planned for Roseneath Road and West Moore Street expected to generate $20 million in revenue over the next 20 years, and a 253-room hotel by Shamin Hotels planned for North Arthur Ashe Boulevard and Meyer Street. These hotel projects complement the residential growth and reflect Scott’s Addition’s evolution into a mixed-use destination.
Manchester: Historic Neighborhood’s Riverfront Renaissance
Manchester, Richmond’s historic riverfront neighborhood, is experiencing a development renaissance with over 400 new apartment units planned in multiple projects. Three major apartment buildings are currently under construction through Fountainhead Real Estate Development:
- A 7-story, 236-unit apartment building at 13 E. Third Street
- A 5-story, 112-unit building at 1501-1511 Hull Street
- A 5-story, 60-unit building at 1401-1407 Hull Street
Perhaps most significantly, Avery Hall Investments is developing a dramatic two-tower riverfront complex featuring 16-story and 17-story apartment buildings linked by a four-story parking deck. These towers will be the tallest new-construction apartment buildings to rise in Richmond in recent years, with completion targeted for 2027.
Additionally, The View at Belle Isle, a 116-unit apartment building at the southeast corner of Hull Street and Commerce Road, is nearing completion with a spring 2026 opening date. These Manchester projects are revitalizing the neighborhood while preserving its historic character and riverfront location.
Navy Hill: Downtown’s Long-Awaited Transformation
The Navy Hill area is finally moving forward with redevelopment after years of planning and debate. Richmond officials are pursuing a phased approach focused on catalytic downtown development. The city is currently taking steps to demolish the aging Coliseum, which will make way for a hotel and improved downtown parking infrastructure.
A demolition study is underway to determine the best approach for tearing down the Coliseum while preserving its foundation to create underground parking—a critical piece of downtown revitalization. City Council’s Finance and Economic Development Committee has approved key ordinances advancing the project, partnering with the Economic Development Authority to move the development forward. These Navy Hill developments are expected to serve as catalysts for broader downtown revitalization and investment in the coming years.
West Richmond and Suburban Growth
Beyond downtown and urban neighborhoods, Richmond’s suburbs continue expanding with significant residential projects. The Level Green development in Henrico County is preparing infrastructure with the Magellan Parkway Extension, opening a new four-lane corridor from Brook Road to access the site. Developers hope to begin construction in late 2026, welcoming residents in 2027.
Stanley Martin’s Tessa condominiums at Gayton Village in Henrico are targeting completion in June/July 2026, featuring spacious 2-bedroom units with versatile lofts and 1-car garages. Meanwhile, Henrico County is investing heavily in infrastructure, with a proposed $343.6 million capital improvement program including $40 million for a new elementary school in the Fairfield District.
In Chesterfield County, the Springline at District 60 mixed-use development is progressing with Shamin Hotels’ Hilton Richmond The Mondelle hotel, a $160 million, 270-room project representing the first full-service hotel constructed in the Richmond region since 2009. Magnolia Green, one of the largest residential communities in Chesterfield, has approval for 3,550 homes on 2,000 acres, while Harpers Mill continues to attract buyers as a highly-rated master-planned community.
Additional Major Projects
Other significant 2026-2027 projects include a $144-unit complex, 700 West 44, targeting opening this year at the intersection of Westover Hills Boulevard and Midlothian Turnpike. The Highland Grove development is a $59.7 million project bringing 125 new for-sale homes to the area, with approximately half designated as affordable housing for first-time homebuyers.
In the Walmsley area, The Lawson Cos. has submitted plans for 172 apartments at 3601 Hopkins Road on a 5-acre site. The Diamond District, transforming nearly 70 acres of urban space into a sports and entertainment nexus with residential, commercial, and office components, is also underway with its first phase in construction.
What This Means for Homebuyers and Renters
The wave of new Richmond best neighborhoods in Richmond reflects strong market demand and developer confidence in the region’s future. Whether you’re seeking luxury apartments in trendy Scott’s Addition, riverfront living in historic Manchester, suburban new construction in Henrico or Chesterfield, or downtown investment potential in Navy Hill, Richmond’s 2026-2027 Richmond home prices by neighborhood offers unprecedented choice.
Prices and completion dates vary widely across projects, from affordable starter homes in Highland Grove to premium urban apartments in Scott’s Addition’s mixed-use developments. Prospective buyers and renters should explore the full range of Richmond housing market update to understand their options in this transformative period for the city.
Looking Ahead
Richmond’s development momentum reflects broader trends of urban revitalization, suburban expansion, and mixed-use development that are reshaping Virginia’s capital. As these projects come online throughout 2026-2027, they will add thousands of residential units, expand commercial and retail space, and create employment opportunities. For those considering a move to Richmond, the timing offers exceptional variety and the chance to be part of the city’s ongoing renaissance.
The scale and diversity of Richmond’s development pipeline—from historic neighborhood revitalization to new suburban communities to downtown transformation—demonstrate why the region continues to attract residents, businesses, and investors. Whether you’re relocating to Richmond or exploring investment opportunities, the city’s new free things to do in Richmond represent an exciting time for growth and opportunity in Virginia’s dynamic capital.