- Development In the Media
- 3 min read
Three industrial sites in Diamond neighborhood set to become 600 homes
Richmond Times Dispatch
Eric Kolenich
October 29, 2025
Developers plan to take three industrial sites off Hermitage Road in northwest Richmond and convert them into 600 residential units. The three properties, owned by an entity called Tahoe Partners LLC, are sandwiched between a bar and entertainment destination called The Park RVA and the spot where Virginia Commonwealth University is building a track and field facility as part of its athletics village. The neighborhood, next to Interstate 95 and officially called The Diamond, is following in Scott’s Addition’s footsteps by transforming from an industrial corridor into a high-end, multifamily residential and tourism district.
“It’s changing before our eyes,” said Ross Magette, a partner with Middleburg Communities, one of the developers.
2600 & 2700 Durham St.
Middleburg, a Fairfax County-based development and construction firm, submitted a site plan last week to build roughly 290 apartments at 2600 Durham St. and 60 townhomes at 2700 Durham St.Middleburg is under contract to buy the properties, Magette said, which span almost 4 acres and were assessed by the city of Richmond for $7.5 million. One of the parcels contains a 73,000-square-foot industrial building constructed in 1955, according to city records. The other is home to a 61,000-square-foot industrial facility that dates to 1953. Middleburg does not expect to need a special-use permit from the city or a rezoning, which will allow for much faster construction. The developer hopes to begin construction next summer and open in spring or summer of 2028. Magette called the area a “dynamic neighborhood” that is across Hermitage Road from the Diamond District and abuts VCU’s planned athletics village. Hardywood Park Craft Brewery is two blocks to the south. Middleburg already owns three other townhouse and apartment complexes in the region — Hamlet Watkins Centre and Hamlet Falling Creek in Chesterfield County and The Brook, off Brook Road in Glen Allen.
1600 Rhoadmiller St.
Spy Rock Real Estate Group, a local firm, plans to redevelop 1600 Rhoadmiller St. into a multifamily building with about 250 units and a parking deck with roughly 350 spaces. The development team submitted a site plan to the city Monday.The property, also owned by Tahoe Partners, spans 2 acres and was assessed by the city for $4 million. The land contains a 65,000-square-foot industrial building constructed in 1956, according to city records. Timmons Group, a local engineering and design firm, submitted the applications on behalf of both developers.Unless the development changes, Spy Rock can construct the complex by right, meaning the project also does not need a zoning change or a special-use permit, a spokesperson for Richmond said. Spy Rock has done numerous other projects in town, including The Guild, a 300-unit apartment complex that opened this year on West Leigh Street near the Sauer Center.On the south side of Rhoadmiller Street, crews have worked to tear down the former Feed More warehouse. In its spot, a New Jersey-based developer called K. Hovnanian Homes expects to build a 180-unit condominium development called The Lofts at Durham Park.VCU expects to begin using the track and field facility in the spring. Construction of the stadium should finish later in 2026. Eventually, VCU plans to build a soccer stadium, tennis courts and a multiuse indoor building.
Related Content
Midtown Wilmington ‘is All Grown Up’
“Wilmington’s economic success and population inflows over the years have resulted in robust demand for high-quality rental communities like Mosby...
A Commercial Real Estate Financing Comeback in 2025? Best Raincheck It.
How Federal Reserve policies and decisions out of the White House sent investors back to the sidelines
Middleburg readies $150m multifamily credit fund
Middleburg Communities is preparing to launch its second discretionary multifamily credit fund early next year, With Intelligence has learned.