Hoffman, DeBartolo Start $144M Richmond Development
The team anticipates completion in 2028.
Hoffman & Associates and DeBartolo Development have kicked off construction on a $144 million project encompassing 366 units in Richmond, Va.
Clark Construction serves as the general contractor on the Hanbury-designed project. VBH provides engineering services. The crew expects completion in early 2028, with first move-ins anticipated for the fall of 2027.
With capital markets conditions tightening, as well as many projects being sidelined across the nation, this development underscores the strength of the Richmond market, according to prepared remarks by Maria Thompson, president of Hoffman & Associates.
TD Bank issued a construction loan in November 2025, while Red Cove Capital filled the project’s equity side of the capital stack. Berkadia advised on the capital raise.
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Upon delivery, the community will rise six stories. The property will include more than 18,000 square feet of ground-floor retail, as well as 20,000 square feet of amenity space, such as landscaped courtyards, a pool deck and an indoor lounge, among other features.
The project spans an entire city block at 3200 W. Moore St., about 5 miles from the downtown area. Thoroughfares such as interstates 195, 95 and 64 run within less than 4 miles of the 2.4-acre site, while a CSX station is about 2 miles away.
Scott’s Addition attracts multifamily development
What’s more, the development site is within the Scott’s Addition neighborhood of Richmond. This former historic industrial district is now one of the market’s fastest-growing submarkets, known for its breweries, restaurants, cultural and workplace venues.
Developers began taking note of this neighborhood, with Capital Square delivering Chasen earlier this year. The 352-unit community is within walking distance of 3200 W. Moore St. Another firm active within Scott’s Addition is Spy Rock Real Estate Group, the developer behind the 242-unit Adler on Dabney, which came online last year.
Meanwhile, metro Richmond’s inventory expanded by 3,524 units in 2025, with these housing completions representing 3.8 percent of stock, according to a Cushman & Wakefield report. Developers still had 4,441 units underway in December, marking a 14.1 percent year-over-year increase that’s in line with historic averages.
