Shamin Hotels wants Henrico’s Economic Development Authority to issue up to $26 million in revenue bonds for a 226-room Tempo by Hilton and Homewood Suites hotel at Midtown64, the redevelopment of the former Genworth Financial campus. Richmond BizSense reporter Jonathan Spiers reported the plan on October 14. The details below are from that story; we have not seen the EDA’s resolution or the bond documents ourselves.
What BizSense reported
The Chesterfield-based hotelier would build a five-story hotel with 124 Tempo rooms and 102 Homewood Suites rooms on a parcel of nearly three acres beside Interstate 64, next to the Broad Street on-ramp. Shamin bought the parcel from developer Greenberg Gibbons last December for $1 million. Tempo is a Hilton “upscale lifestyle” brand that launched in 2020, and Shamin CEO Neil Amin told BizSense only six are open, which would make this the brand’s first in the Richmond market.
The bonds would be tax-exempt and non-recourse, and BizSense says they would be repaid from the hotel’s own revenue over 40 years rather than by the county. Truist Securities is the underwriter, McGuireWoods is bond counsel, and Atlantic Union Bank is handling initial financing. The EDA is set to consider the issuance at its regular meeting on Thursday, October 15. Amin said construction is targeted to start by the end of this year and would take up to 22 months, with Thomas Builders as general contractor. BizSense compared the structure with the $150 million in revenue bonds Shamin arranged for a 12-story Hilton at Springline at District 60 in Chesterfield.
What it means for the neighborhoods around it
The hotel is one piece of a half-billion-dollar plan. BizSense lists four apartment buildings with about 1,000 units, nearly 200 for-sale townhomes, a second hotel in a later phase, and hundreds of thousands of square feet of retail and office space that includes a Trader Joe’s. Demolition of parts of the Genworth campus began earlier this year. For anyone shopping in the area, the for-sale townhomes are the part that matters most, and this story gives no price range or schedule for them, so we are not guessing at either.
The Midtown64 site sits between the city’s Near West End and the Short Pump retail core, with Tuckahoe neighborhoods nearby, in Henrico County. A hotel with extended-stay rooms is the kind of use a mixed-use plan adds to keep a district busy beyond store hours. Whether it changes how nearby homes sell is a separate question, and we found no reporting that measures it.
How it fits the West Broad pattern
This is the latest of several large West Broad projects we have followed. We covered the next phase at Sauer Center and what a Nordstrom Rack signing says about Short Pump and Tuckahoe. Another large Henrico site is in limbo after its developer’s bankruptcy, which we explained in our post on the former GreenCity acreage. Henrico publishes plans of development and a Planning Department page where you can follow a site’s approvals yourself.
See what is on the market nearby
Follow the area by browsing current listings in western Henrico, or meet the agents who work it on our team page.
Questions about the Midtown64 hotel
What is being proposed at Midtown64?
A five-story, 226-room dual-brand hotel: 124 Tempo by Hilton rooms and 102 Homewood Suites rooms, planned beside Interstate 64 next to the Broad Street on-ramp, according to Richmond BizSense.
Who is building it?
Shamin Hotels, a Chesterfield-based hotelier, working with Midtown64 developer Greenberg Gibbons. Thomas Builders is the general contractor and Nitin Kulkarni of Leesburg is the architect.
How much would the bonds be?
Up to $26 million in tax-exempt, non-recourse revenue bonds through the Henrico Economic Development Authority. BizSense says the hotel’s own revenue would repay them over 40 years, not the county.
When will the EDA vote?
The EDA is set to consider the bond issuance at its regular meeting on Thursday, October 15, according to BizSense.
When would construction start and finish?
Amin says construction is targeted to start by the end of this year and would last up to 22 months.
What else is planned at Midtown64?
BizSense lists four apartment buildings with about 1,000 units, nearly 200 for-sale townhomes, a second hotel in a later phase, retail and office space, and a Trader Joe’s.
Are Midtown64 townhome prices announced?
Not in this story, and we have not found a published price range, so we are not estimating one.
