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Church Hill North Retail Center

Richmond, VA (2018)

Construction loan for mixed-use development with grocery store, pharmacy, credit union, community space.

COMMUNITY IMPACT
FINANCING SOURCES
PROJECT LOCATION

Project Description

In Richmond’s East End, an area east of downtown that includes historic neighborhoods such as Church Hill and Fairmount, more than two-thirds of residents live below the poverty threshold. To improve economic and financial sustainability, redevelopment efforts in the Church Hill neighborhood have been underway with an eye toward creating jobs and providing access to healthy food, affordable healthcare and quality education.

When the Church Hill North Retail Center opened in 2019, it brought a grocery store, pharmacy, bank, culinary school and retail space to the area that was previously designated a food desert. Not only did this investment support public health and food access initiatives, it also provided an opportunity for small businesses like Hope Pharmacy to serve the neighborhood. The $40 million project was supported by $26.5 million in New Markets Tax Credit (NMTC) financing, which was led by Capital One.

The Market at 25th, a community-driven grocery store, was identified as the single greatest need for the neighborhood to provide healthy food choices to residents in an area that faces chronic public health issues such as diabetes and obesity. Within the Market at 25th, Hope Pharmacy accommodates the needs and wants of the diverse patient population within Church Hill, while ensuring they receive quality, affordable medication and services.

Grocery and Fresh Food

Mixed-use

Mixed-use and Commercial

Retail

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