Middleburg & Harbor Group Secure Financing for 299-Unit Scottwood Project in Richmond
Middleburg Communities and Harbor Group International have announced the successful closing of construction financing for Scottwood, a 299-unit Class A multifamily development located at 4400 West Broad Street on the boundary of Richmond and Henrico County. The project represents a significant step forward in the redevelopment of a key urban corridor and is expected to contribute meaningfully to the region’s housing supply.
Construction on Scottwood is scheduled to begin in April 2026, with initial residential units anticipated to be delivered in late 2027. The development is being executed as a joint venture between Middleburg and affiliates of Harbor Group International, combining local development expertise with institutional investment capabilities. Financing for the project has been provided by Truist Bank, underscoring strong lender confidence in both the project and the broader market.
With the addition of Scottwood, Harbor Group International has surpassed a major milestone, exceeding $1 billion in total development investments since 2023. During this period, the firm has participated as a limited partner in multiple joint ventures encompassing more than 3,600 residential units across the United States. This achievement highlights HGI’s growing presence in the multifamily sector and its commitment to expanding housing supply in high-demand markets.
Scottwood is strategically positioned within Henrico County’s Westwood Revitalization/Reinvestment Opportunity Special Focus Area, a designated corridor targeted for mixed-use redevelopment. Located just west of the popular Scott’s Addition neighborhood, the site benefits from proximity to a vibrant urban district known for its mix of residential, commercial, and entertainment offerings. Local planning efforts have identified the West Broad Street corridor as a prime location for future growth, with plans that include residential communities, restaurants, breweries, office spaces, and entertainment venues.
One of the key advantages of the Scottwood site is its access to public transportation. The Pulse bus rapid transit line runs along West Broad Street, with nearby stations providing convenient connectivity to other parts of the region. This accessibility enhances the appeal of the development for residents seeking urban living options with easy access to employment centers, retail, and recreational amenities. Middleburg expects Scottwood to serve as a catalyst for further investment along the corridor, supporting the broader vision of transforming the area into a dynamic mixed-use environment.
The development process for Scottwood presented a number of unique challenges, particularly due to its location straddling two jurisdictions. The site lies at the boundary between the City of Richmond and Henrico County, requiring coordination between both local governments to secure necessary approvals and infrastructure connections. One of the most complex aspects involved extending Henrico County utilities to the site, which required obtaining offsite easements across neighboring properties.
These jurisdictional and logistical hurdles had previously stalled development efforts on the site. However, Middleburg’s development team worked closely with both Henrico County and the City of Richmond to navigate regulatory requirements and secure the necessary approvals. This collaborative approach ultimately enabled the project to move forward, demonstrating the importance of public-private cooperation in advancing complex urban developments.
Ross Magette, Development Partner at Middleburg, described Scottwood as one of the most complex projects the firm has undertaken in the market. He noted that the successful advancement of the project reflects the dedication and expertise of the development team and its partners. Magette emphasized the strong demand for rental housing in the corridor and highlighted the firm’s commitment to delivering a high-quality community that meets the needs of future residents while contributing to the area’s growth.
From an investment perspective, Yisroel Berg, Chief Investment Officer of Multifamily at HGI, expressed confidence in the project’s potential. He noted that Scottwood aligns with HGI’s strategy of partnering with experienced developers to deliver high-quality housing in markets with strong fundamentals. According to Berg, the development represents a compelling opportunity to bring thoughtfully designed housing to a growing area where demand for new supply remains robust.
Scottwood is designed to deliver near top-of-market quality while maintaining relatively attainable rental rates, a balance that Middleburg has consistently pursued in its developments across Virginia. The project reflects the firm’s broader philosophy of identifying well-located infill sites and applying disciplined development practices to meet genuine housing demand without compromising on design or amenities.
The development will feature a range of thoughtfully designed spaces aimed at enhancing the resident experience. Individually curated courtyards will be distributed throughout the property, providing outdoor gathering areas that foster a sense of community. In addition, the project will include activated amenity spaces along the West Broad Street frontage, contributing to the vibrancy of the surrounding area and creating an engaging streetscape.
These design elements are intended not only to meet the expectations of modern renters but also to integrate the development into the broader neighborhood. By emphasizing both functionality and aesthetics, Scottwood aims to create a living environment that supports lifestyle needs while contributing positively to the urban fabric.
The project also reflects broader trends in the multifamily sector, including increasing demand for high-quality rental housing in well-connected urban locations. As population growth and shifting lifestyle preferences continue to drive demand, developments like Scottwood play a critical role in addressing housing needs while supporting economic development.
Overall, the closing of construction financing for Scottwood marks a significant milestone for both Middleburg and Harbor Group International. The project exemplifies the potential of strategic partnerships, thoughtful planning, and collaborative execution in delivering complex urban developments. As construction begins and the project progresses toward completion, Scottwood is poised to become a key component of the ongoing transformation of the West Broad Street corridor, contributing to the growth and vitality of the Richmond region.
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