A joint venture between Hoffman & Associates and DeBartolo Development has started construction on a new mixed-use residential project at 3200 West Moore Street in Richmond. The ground-up development is planned as a $144 million investment totaling approximately 400,000 square feet in the city’s Scott’s Addition neighborhood, a location that will allow the project to occupy an entire city block at full buildout.
The six-story property is programmed to deliver 366 apartment residences positioned above a significant retail component. Plans call for roughly 18,000 square feet of ground-floor retail space lining West Moore Street, with the project envisioned as a new mixed-use destination serving both residents and the surrounding community. The scale of the development makes it one of the more substantial residential undertakings currently underway in Richmond.
Design responsibilities are being led by Virginia-based architecture firm Hanbury, which is overseeing the planning and architectural vision for the building. Engineering services are being provided by VHB, supporting site planning and building systems for the project. Clark Construction has been engaged as the general contractor and is now moving forward with active construction on the 2.4-acre site.
Hoffman & Associates assembled the development site in 2025 using a seller-financing structure, setting the stage for the joint venture to move ahead with the current project. The partnership has arranged a $144 million construction financing package to capitalize the development, including a senior loan provided by TD Bank. Equity capital is being supplied by Red Cove Capital, rounding out the capital stack for the mixed-use community.
Berkadia’s Washington, D.C., metro and Richmond teams advised the venture on the capital raise, supporting the structuring and placement of the project’s debt and equity. With financing in place and construction now officially underway, the developers are targeting a lease-up launch in late Summer 2027, when initial apartment leasing is expected to begin. The project is anticipated to add new residential density and neighborhood-serving retail to Scott’s Addition upon completion.
