A major multifamily development in Virginia is moving forward as Middleburg and Harbor Group International (HGI) have secured construction financing for the Scottwood project, a 299-unit Class A apartment community planned along a key redevelopment corridor in the Richmond region.
The project, located at 4400 West Broad Street on the border of Richmond and Henrico County, is scheduled to break ground in April 2026, with initial unit deliveries expected by late 2027. Financing for the development was provided by Truist Bank.
This latest investment pushes HGI’s total development involvement past $1 billion since 2023, reflecting the firm’s continued expansion in high-demand housing markets across the United States.
Scottwood is positioned within Henrico County’s Westwood Revitalization Special Focus Area, a corridor planned for a mix of residential, retail, office, and entertainment uses. The site sits near the rapidly growing Scott’s Addition neighborhood and benefits from access to the Pulse bus rapid transit line, enhancing regional connectivity.
Developers say the project is expected to act as a catalyst for further investment in the area, aligning with long-term urban planning goals set by both Henrico County and the City of Richmond.
“This project is one of the most complex we’ve pursued in the market, and we are proud of what our team and partners have accomplished in bringing it to this point,” said Ross Magette, Development Partner for Middleburg. “This corridor has a real rental housing demand, and we are committed to delivering a community that meets it – in quality, in amenities, and in its role in the future of this part of Richmond.”
The Scottwood development faced unique logistical and jurisdictional challenges due to its location spanning two governing areas. To move forward, the development team had to secure offsite easements and coordinate utility extensions across multiple properties—issues that had stalled earlier attempts to develop the site.
Through collaboration with both jurisdictions, the team successfully navigated approvals and cleared the way for construction to begin.
“We are pleased to partner with Middleburg on this project and leverage their local expertise and execution capabilities to bring it to fruition,” said Yisroel Berg, Chief Investment Officer of Multifamily at HGI. “Investments like Scottwood reflect our focus on working alongside experienced developers to deliver high-quality housing in markets with strong fundamentals. This project represents a compelling opportunity to bring thoughtfully designed housing to a growing area where we continue to see strong demand for new supply.”
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The Scottwood community is designed to deliver near top-of-market quality while maintaining relatively attainable rent levels—a balance that developers say is critical in today’s housing market.
The project will feature landscaped courtyards, activated amenity spaces, and street-facing design elements intended to enhance community engagement along West Broad Street. The development also reflects Middleburg’s broader strategy of targeting infill sites in high-growth areas to meet housing demand without compromising on resident experience.
With strong regional population growth and increasing demand for rental housing, projects like Scottwood are expected to play a key role in expanding supply while supporting long-term urban development goals.
Originally reported by Business Wire.
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