Richmond has, at least since the 1960’s, developed west at a much greater pace than east.
The neighborhoods that comprise what we think of as ‘Downtown’ suffered greatly as the population moved towards the suburban developments in western Henrico and Chesterfield during the latter half of the 20th Century. The recent (2000 to present day) adaptive re-use projects in the neighborhoods of Jackson Ward, Carver, Manchester, Shockoe and even as far east as Rockett’s Landing, have created a residential base in the sections of the city that have struggled for several decades with negative population trends. This will prove to be one of the most significant movements in Richmond for the foreseeable future.
When the market shifted during 2008-10, the development did not end in Downtown. While the condominium market suffered from lack of mortgage financing, the apartment development market actually gained momentum. Developers such as the Legend Property Group, Fountainhead Development, Main Street Realty, Property Results and Sensi Development continued to transform the vacant warehouse product in these districts into vibrant mixed use properties.
A healthy and thriving Shockoe is something many old Richmond natives never thought they would see.
About the Writer // Rick Jarvis, is one of the founding partners of the One South Realty Group and began his real estate career int he early 1990’s. He is a life long Richmond native and can be found online at Google+ and Twitter