Top 5 Richmond Neighborhoods for Mixed Use and Multifamily Investment
Where Growth Is Accelerating in 2025
Richmond Virginia has become one of the Southeast’s most active markets for mixed use and multifamily development. Builders, investors, and developers are targeting walkable districts that combine live, work, and leisure in one connected community.
In 2025, the city’s core and surrounding neighborhoods continue to evolve with adaptive reuse, vertical expansion, and large scale multifamily projects that are reshaping the local skyline.
If you are planning a new project, these are the five Richmond neighborhoods offering the best long term potential for mixed use and multifamily growth.
1. Scott’s Addition
Scott’s Addition remains the epicenter of Richmond’s urban growth. What began as a district of warehouses and breweries has become the model for adaptive reuse in the Mid Atlantic.
Developers are transforming older industrial properties into upscale apartments, creative offices, and hospitality concepts that blend seamlessly with entertainment venues and retail.
Rising rents, limited land availability, and continuous demand make Scott’s Addition one of the most secure multifamily investment zones in the region.
Development Highlights
Luxury apartment projects and micro unit communities
Adaptive reuse of former industrial space
Strong retail and restaurant activation
Proximity to I95, I64, and the planned Diamond District expansion
2. Manchester
Manchester continues to be Richmond’s most active residential and commercial development hub south of the river. The combination of waterfront views, modern design, and lower land cost has attracted regional and national investors.
Developers are pursuing high density projects with ground floor retail, creating true mixed use corridors along Hull Street and Semmes Avenue. The area’s skyline views of downtown Richmond add tremendous visual appeal and marketability.
Development Highlights
Waterfront multifamily and mixed use buildings
Conversion of historic industrial structures
Improved riverfront pedestrian access
Strong rental absorption and population growth
3. The Diamond District and North Arthur Ashe Corridor
The new Diamond District is a generational development that will reshape how Richmond lives, works, and entertains. With billions of dollars in planned investment, the area will include a new baseball stadium, hotels, apartments, offices, and retail.
This zone’s proximity to VCU and the interstate makes it ideal for future residential, hospitality, and commercial synergy. Investors looking for long term appreciation and institutional level assets are positioning here early.
Development Highlights
Stadium anchored entertainment district
Large scale mixed use master plan
Integrated green space and public amenities
Strong infrastructure and transportation connectivity
4. Monroe Ward and Downtown Core
Monroe Ward bridges the line between downtown Richmond and the VCU campus. Developers are focusing on infill multifamily and adaptive reuse of smaller commercial parcels that appeal to students, professionals, and medical employees.
This micro market offers some of the highest walkability scores in the city, and revitalization continues along Broad Street, Grace Street, and Franklin Street.
Development Highlights
Urban infill apartments and condos
Adaptive reuse of historic mid rises
Student and workforce housing demand
Proximity to VCU, MCV, and financial district employers
5. Brookland Park and Northside
For builders and early investors, Northside is Richmond’s next frontier. Brookland Park and surrounding corridors are attracting developers focused on affordable and workforce multifamily housing.
The area benefits from strong community identity, improving infrastructure, and a growing population seeking proximity to downtown at lower entry costs. Early investment here positions projects for strong returns as the neighborhood matures.
Development Highlights
Workforce and attainable multifamily projects
Historic home renovations and small scale infill
Rising retail and service amenities
Expanding transportation routes and redevelopment momentum
What These Neighborhoods Have in Common
Each of these Richmond neighborhoods shares a few critical characteristics that attract builders and investors:
Population growth and high absorption rates
Zoning flexibility and local support for redevelopment
Walkability and access to amenities
Opportunity for adaptive reuse and creative design
Proximity to major employment and university corridors
Richmond’s blend of historic character and new infrastructure continues to attract national attention from institutional investors and private equity groups seeking reliable yield with long term appreciation.
The Bottom Line
Richmond’s urban evolution is well underway. Builders and developers who establish projects in these core and emerging neighborhoods will benefit from strong rental demand, long term value growth, and a supportive development environment.
From Scott’s Addition and Manchester to Northside and the Diamond District, opportunity continues to expand in every direction.
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