Regency's rebirth entering next phase

The rebirth of Regency mall is entering its next phase.

At the Henrico Board of Supervisors June 11 work session, Mark Slusher of Thalhimer Realty Partners Inc, which purchased the property with the Rebkee Company in 2015, told county officials that the developers aim to move into the second phase of apartments on the site, with 314 new units planned.

“We’ve got approved building permits, it’s all designed,” Slusher said. “We’re working with Virginia Housing right now and financing, and just waiting on interest rates to come down.”

A relatively recent change now in full effect is the Performance Pickleball RVA building, which currently features 12 indoor courts. Operators are planning to create six new outdoor courts soon using space in front of the building, Slusher said.

The last area of Regency to be redeveloped is the building that was once a JCPenney store. Plans are in place to redesign the building into a fitness center, a grocery store and an indoor entertainment center, Slusher said. The developers also plan to add additional outward-facing retail shops along Quioccasin Road, he said.

Since the two companies purchased the site, it has produced a significant financial benefit to the county, Slusher said.

“When we took it over, the real estate taxes were about $100,000 a year,” he said. “With what we have done to date, we will be increasing the real estate taxes to $1.4 million.”

The day after Slusher addressed the board, Henrico officials held a press conference at the site to announce the second phase of improvements to the NOVA of Virginia Aquatics facility at Regency (a building that once housed Macy's but was redesigned to serve NOVA in 2021).

The next phase at the site is the creation of a spectator mezzanine area, which will add 1,000 new seats by the fall of 2025.

“This project will further enhance the county’s sports tourism program by making NOVA a premier location for state and national swim meets,” Tuckahoe District Supervisor Jody Rogish said.

The county plans to spend $2.5 million on the project during the next five years and NOVA will invest another $1 million.

The addition will have a significant financial benefit to the county, Rogish said.

“Currently the economic impact of NOVA’s facility is estimated around $2.8 million per year,” he said. “By adding the mezzanine seating and attracting regional, national and statewide meets, this impact is projected to explode to more than $20 million per year.”

Beyond economic impact, NOVA of Virginia Aquatics CEO Leigh Peterson said that the project will help NOVA achieve its goal of developing swimmers.