Developer breaks ground on $500M mixed-use project in Henrico

A $500 million mixed-use development is coming to Genworth Financial’s former campus in Henrico County, its developer announced Tuesday.

The project, known as Midtown64, rests on a 46-acre site at the intersection of West Broad Street and Interstate 64. It will include up to 130,000 square feet of retail, restaurant and entertainment space — anchored by a grocery store and a new-to-market fitness concept. It will also have up to 300,000 square feet of Class A office space, nearly 1,000 apartments, 194 townhomes built by Lennar and a 226-room hotel.

“Breaking ground on Midtown64 is an exciting milestone that brings to life our vision to create a first-class, mixed-use destination to serve Henrico County and the greater Richmond region,” Eric Walter, president of Maryland-based developer Greenberg Gibbons, said in a statement. “We look forward to our continued partnership with the local community to deliver a vibrant, standout project for all to enjoy.”

A spokesperson said Greenberg Gibbons purchased the property from Genworth within the past week, with the acquisition cost included in the company’s $500 million investment. More information on the project, including specific company brands, was not immediately provided.

In a statement, Henrico County Board of Supervisors Chair Daniel J. Schmitt said Midtown64 “will energize the area, generate opportunities for businesses and residents and showcase Henrico’s vision for a vibrant, inclusive community where growth and opportunity thrive.”

Richmond-based hotel operator Shamin Hotels is a joint-venture partner with Gibbons in the project.

“We’re excited to partner with Greenberg Gibbons on another first-class project,” Neil Amin, CEO of Shamin Hotels, said in a statement. “Having our hotel within this dynamic destination will be very attractive to both business and leisure travelers in the area.”

Construction will proceed in phases, with the first phase including retail, 130,000 square feet of office space, multifamily residences, townhomes and the hotel. The first phase is expected to be completed in 2028.

Based in Baltimore, Greenberg Gibbons is a major developer, investor, owner and operator of mixed-use, retail, commercial and residential properties. Its portfolio includes more than 6.7 million square feet and $1.6 billion in assets, with more than 55 projects across eight states.