HENRICO, Va. (WRIC) — Henrico’s Regency Square, a suburban mall undergoing a transformation after several prominent stores closed their locations there, is nearing completion on the first of the site’s new apartment buildings.

The mall lost its last “anchor” store in 2020, when JCPenney closed their location there as part of a nationwide restructuring. Since then, the mall’s owners — Thalhimer Realty Partners and Rebkee — have sought to transform the property, working with Henrico County to open an $18 million aquatics center in a former Macy’s.

Now, Thalhimer tells 8News they’ll soon complete work on a 320-unit apartment building that they hope will cement the area’s status as a model for mixed-use development.

The building — marketed as “The Rise at Regency” — is opening in four stages. The first two were completed in April and May of this year, with 80 units put up for rent during each.

A Thalhimer representative told 8News that all 80 units from the first phase have already been leased, and the second set of 80 — which went on the market just two weeks ago — are already going fast.

“The lease up is going much faster than we anticipated,” he said.

Photos posted to Apartments.com show four floor plans for the apartments at Regency.

According to a listing on Apartments.com, available units range from a one-bedroom, 670-square-foot apartment for $1,404 to a three-bedroom unit for $2,869 at 1,445 square feet.

That actually puts the cost of a one-bedroom at Regency just below the average rent for Henrico, which stands at $1,492 a month — but the asking price for the three-bedroom units is nearly $700 above the county average, which stands at $2,174.

160 of the 320 planned units are now complete, and Thalhimer told 8News the remaining 160 would open in two groups of 80 this July and August. Beyond that, Thalhimer has gotten site plan approval for another 225 apartments in another building, but has not yet broken ground on the project.

That project, the Thalhimer representative added, will probably be completed by late 2024.