Trends are changing. This is because the Suburban shopping centers, along with booming demand for housing, is coupled with a wave of storefront closures. Moreover, this business slump, it has left local leaders in Virginia desperate. This is regarded as a way to revision the bygone malls for urban living.
Cities and suburbs across the commonwealth have soared by as much as 9.6 percent. It is far from the mass urban exodus that was predicted. This was at the beginning of the COVID-19 pandemic a year ago. In fact, the great real estate reshuffling began in 2020.
Suburban Counties: From Retail to Residential
Moreover, the cacophony of voices asking what to do with death and dying retail spaces has grown louder with time. This has occurred with aging malls built in the 1970s and ’80s. In fact, they have come to the end of their life cycle.
One Virginia county has wasted no time trying to provide an answer because they are underwater and under pressure. This is for developers and residents concerned about a sagging tax base,
“Henrico Rebuild is what we are calling it. Therefore, we are trying to encourage growth. It is along our significant corridors to accommodate new lifestyles for the jobs being developed,” said Joe Emerson. Emerson is the director of planning for Henrico. From our form-based code, we are reworking to put the flexibility in place. In fact, this would be for the private sector. They could come in and redevelop these indoor malls.
Suburban Counties: Old Regency Square Mall
Therefore, the county paid for the infrastructure and roadway upgrades. It is at the site of the old Regency Square mall. It incentivizes the recycling of existing commercial space. This is in addition to the residential units. This is the construction of a new sports facility to anchor the development. The surface parking lots became multi-level garages. This is to free up more space for buildings. It was while still accommodating the county’s minimum parking requirements. However, there are 1,250 new apartments will have joined Henrico’s aging housing stock. This is once the redevelopment is complete.
Reimaging of Short Pump Town Center
There is a redevelopment of Virginia Center Commons. In fact, the demolitions underway. Even a reimagining of the sprawling, formerly bustling Short Pump Town Center. There has been a focus on urbanizing its suburban shopping centers. This stems from the fluctuating societal preferences and evolving business interests.