Henrico officials, developer celebrate Medallion Park groundbreaking as 'Henrico Tomorrow' success story

Henrico County officials and developers cut a ribbon on the Medallion Park development Thursday, a 17-acre, $100 million, live-work-play, mixed-use project featuring renovated office spaces and new luxury apartments on Telegraph Road in Glen Allen, just steps from the Henrico Sports and Events Center.

The project came to fruition through support from the Henrico Tomorrow grant program, an initiative of the Henrico County Economic Development Authority.

The Henrico County Board of Supervisors appropriated $5 million for reimbursement grants through Henrico Tomorrow, a program that has helped generate $80 million in private investment (including the Medallion Park project) and supported more than 600 jobs, Henrico EDA Executive Director Cari Tretina said at the ribbon-cutting.

Tretina called Henrico Tomorrow a transformational program.

“We know that strategic reinvestment gives aging properties a powerful second life,” Tretina said. “High-quality modern office spaces don't just offer thoughtful amenities that draw employees in; they create environments where teams can flourish and perform at their best. And when our corporate residents are operating at full steam, that energy ripples far beyond the office walls and hopefully into the apartment walls and throughout this community right across the street, and it drives economic vitality across our entire community. Projects like Medallion Park show what happens when targeted public support and private vision really intersect and come together.”

Medallion Park is among the latest redevelopment projects in the Virginia Center Commons area, where the former mall closed in 2022 and subsequently was demolished to make way for new uses.

Fairfield District Supervisor Roscoe Cooper said he worked at the Finish Line store at the mall while he was a high school student.

“It served our community well for decades,” Cooper said, “but as retail trends shifted, anchor stores closed, mall traffic disappeared. Rather than watch a prime site deteriorate, Henrico moved with passion and purpose. We acquired a portion of the site, demolished part of the aging mall structure, and built the $50 million Henrico Sports and Events Center across the street, giving Henrico its first major indoor sporting venue in 2023.”

Cooper said those developments drove a deliberate strategy that helped Henrico capture more than $2 billion in tourism spending in 2025 alone and sparked a wave of private development, bringing hotels, dining, and new homes to the site.

And Cooper said that development is continuing down I-95, at the former Best Products headquarters that has been demolished, paving way for the Best Products Reimagined: a development envisioned as an arena anchored, mixed-use destination with potential to bring sports, entertainment, and major economic growth that further strengthens this entire corridor.

“Together, these efforts reflect Henrico's commitment to keeping our community a vibrant place where both residents and businesses thrive,” Cooper said.

Henrico Tomorrow 'wildly successful,' will continue

Vincent Pellarito of the Florida-based National Financial Realty developed the commercial portion of Medallion Park, which includes two Class A office buildings that are currently fully leased with approximately 600 employees working at companies like Citizens Bank and Enterprise Mobility.

The Henrico Tomorrow initiative launched in late 2024 and includes grants and other incentives designed to modernize aging office buildings.

“It was so wildly successful that we had to close the application period in May because there are so many existing office assets that needed a little bit of reinvestment to not only maintain it at its current level, but really Henrico Tomorrow was able to get them to that next class,” Tretina said.

Henrico County sought Class B offices to get pushed to Class A, and then Class A offices to get pushed to Trophy level to attract businesses.

“Pure economic development involves having workers in your community. And office users are the definition of bringing workers to your community,” Tretina said. “Jobs are the lifeline of any locality, offices have some of the largest mass, if you will, of our opportunity to bring that type of workforce into our community. Think of Innsbrook, which has 2,000 acres of all different types of office products. Medallion Park had two very nice large facilities that needed to be able to retain that higher level of class to keep, with over 500 employees between both of them. That's critical mass, and what that type of critical mass does from an office perspective helps a community with other tax revenues.

“All of these people who are coming in and out of these office buildings, hopefully they're going across the street, and they're going to restaurants, or they're going off to Brook Road, just a block over, and they're going to Target, and they're going to Ross, and they're experiencing the other amenities and services that Henrico has to offer and contributing more to our tourism spending or other forms of revenue.”

David Hanchrow, senior partner and chief investment officer of the Tennessee-based Bristol Development Group led the construction of the residential component, Signal at Medallion Park, which consists of 279 luxury apartment units. 

The five-story complex offers studio, one-bedroom and two-bedroom apartments ranging from approximately 453 to 1,219 square feet. Advertised monthly leasing prices range from about $1,489 to $3,090, including certain mandatory fees, although rates vary by apartment and availability.

Rental data from Apartments.com reported Henrico County’s average apartment rental is priced at $1,503 a month, with a +0.5% change year-over-year.

The high-end finishes include quartz countertops and GE appliances. Unique amenities include a gift-wrapping station, a makers room with tools and meditation pods for wellness. Residents also have access to extensive fitness facilities within the complex.

Community amenities are at the luxury level, with resort-style features like a year-round heated saltwater swimming pool and outdoor grilling stations. Services include a 24-hour package room, elevator access, controlled building entry, a pet washing station and a dog park.

During a reception following the ribbon cutting, a Signal resident who gave only her first name Faye, said that she was drawn to the building for a number of reasons. One was that the facility offered a special discount for occupants who sign a lease that exceeds a year.

She also was drawn to the elevators, amenities like grocery trollies, friendly staff and neighbors.

“It’s beautiful here. I love the amenities,” Faye said. “I feel safe. It feels like home.”

The Henrico EDA will continue the Henrico Tomorrow initiative with a relaunch in early 2027, Tretina said.

Dina Weinstein is the Citizen’s community vitality reporter and a Report for America corps member, covering housing, health and transportation. Support her work and articles like this one by making a contribution to the Citizen.