The last remnants of a nearly 60-year-old shopping center in Henrico County are soon to come down as a major mixed-use project gets underway.
The former Laurel Park Shopping Center at 2314 Hungary Road, near the intersection of Hungary and Woodman Road, is in the midst of being razed to make way for Laurel Park, a sizable mixed-use development that takes its name from the 1960s-era retail strip.
The project will consist of more than a dozen buildings and add 350 apartments, some townhome-style, as well as retail space and over 400 parking spaces.
New York-based Aurelie Capital is the developer behind the project, which was approved by Henrico last fall.
Aurelie founder Pavan Malhotra said the demolition of the decades-old shopping center has gone smoothly so far. Aurelie bought the 16-acre parcel in early 2020 for $1.5 million.
“Site demo will be another month or so. Then it should be wrapped up and ready to go vertical in early 2022,” Malhotra said.
Part of the project will be a 12,000-square-foot retail building, which Malhotra said could fit up to four tenants.
“We’d like food service, maybe a bike shop or a small gym. We want local restaurants,” Malhotra said.
“Once we start the retail leasing, we’re going to try to make it attractive. But that’s what we’d like there. I know it’s a little tough; it’s not like a Scott’s Addition location at all. But with the right type of structured lease, I think we could attract the right type of tenants.”
Aurelie is in the process of bidding the project out to general contractors. Malhotra would not disclose the project’s approximate cost.
Once a builder is selected and work gets underway, Malhotra said it’ll be an approximately two-year buildout, putting its tentative completion in early 2024.
Laurel Park is Aurelie’s only Richmond-area project in the pipeline, but Malhotra said they remain interested in the region.
“We’d love to (do more in Richmond) in the future,” he said. “We’re still looking at some stuff, but there’s nothing concrete.”
Laurel Park joins other new projects near the intersection of Woodman and Hungary roads. Earlier this year, a new-construction Dunkin’ opened at 2300 Hungary Road, adjacent to the Laurel Park site. The franchisee behind that location is also preparing to open another new Dunkin’ this week on the ground floor of Dominion Energy’s new downtown tower.