Chesterfield Shopping Center Study

The Partnership for Housing Affordability (PHA) was founded by the Richmond Association of REALTORS in 2004. PHA’s mission is to promote affordable housing policies and developments through education, coordination, and leadership. To accomplish this mission, PHA serves as a leading voice on housing related initiatives in the Richmond region, educates policymakers and the community on the impact of affordable housing on the region’s competitiveness, and pursues best practices in affordable housing by leading initiatives that are designed to affect change. 

This report provides a financial analysis of shopping centers in Chesterfield County that, as a result of the economic impacts of COVID-19, could be prime candidates for redevelopment and catalytic forces for the county’s local economy. The analysis is coupled with an examination of Chesterfield’s housing needs and demand. 

Given the existing infrastructure represented by aging shopping centers, the study maintains that Chesterfield is uniquely positioned to seek redevelopment that has multifamily housing as a central component. Doing so would enable the county to house its growing workforce, attract reinvestment in aging corridors, and create vibrant communities that support a strong quality of life. Redevelopment with multi-family as a key component addresses housing needs, but also increases county revenue. 

Spring Rock Green and Rockwood Square were selected as the report’s target shopping centers due to their site configuration, financial viability, vacancy rates, and neighborhood conditions.