The first residents are expected to be able to move into their apartments at The Regent in mid-November. (Jack Jacobs photos)
Another apartment building is wrapping up at Regency as the western Henrico mall continues its mixed-use evolution.
The 314-unit Regent at Regency is now underway on leasing, and its first residents are anticipated to start to move in Nov. 15, according to Rob Hargett of Rebkee, which co-owns the mall with Thalhimer Realty Partners.
The new five-story apartment building is located on what had been a parking lot fronting Starling Drive and features one-, two- and three-bedroom units. Apartments range in size from about 660 square feet to 1,400 square feet, with rental rates ranging from about $1,650 to $2,700 a month.
The project is nearing the end of construction and its units will be move-in ready in phases over the coming months, starting with about 60 units in mid-November.
“We’re basically at the point where we’ve got one section finished, we’re punching out and doing the final puff clean that includes 56 units and all the amenity spaces,” Hargett said. He added that the building is expected to be ready for full occupancy in the spring.
Regent’s amenities include a pool, fitness center, sky lounge and co-working area. A current cost estimate for the project wasn’t available this week. It was anticipated to cost $76 million when first announced in 2023.
Purcell Construction is the general contractor on the project. Poole & Poole Architecture designed it.
Regent broke ground in late 2024 and was previously to be called The Rise II, as a sister complex to The Rise, the mall’s now-completed first phase of 320 apartments next door. However, the owners later rebranded the second phase with the help of local agency Campfire & Co.
The Regent and The Rise apartment buildings bring Regency to more than 600 residential units.
Hargett described Regent as slightly more elevated than Rise, which was spruced up with $50,000 to $75,000 of new paint and furnishings so as to not be completely outshined by the newer apartments next door.
“I don’t want everybody to go, ‘Oh God, look what they got across the street. So we went in a little earlier than you typically would and refreshed that one too,” he said, adding that Rise is 94% leased.
Like Rise, Regent was financed with a loan from Virginia Housing. As a condition of the financing, 20% of Regent’s units are set aside for tenants who make less than 80% of Henrico’s area median income.
With the latest phase factored in, Regency is up to 634 apartments. The mall and its surrounding parking lots are zoned for up to 1,250 residential units and Hargett said another 160 units are being planned for a site near the first two apartment buildings. Hargett said discussions are ongoing with an unidentified senior housing developer for that next phase.
Residential units have been added to Regency in recent years as part of the mall’s 10-year-and-counting transformation into a mixed-use development anchored by users like Performance Pickleball and NOVA Aquatics.
Its latest arrivals include Grove Eye Care and indoor golf simulator venue Tee Box. Last month, healthcare nonprofit Sheltering Arms announced plans to open a facility at the mall.
The post First residents to move into latest phase of Regency apartments this month appeared first on Richmond BizSense.
