Chesterfield Towne Center Redevelopment: What’s Actually Been Announced, and What It Means Nearby

The short answer on Chesterfield Towne Center redevelopment: the mall changed hands in December 2025, and the new owners have said a redevelopment is possible, but as of September 2026 they have not announced a plan, a timeline or a zoning application. Right now the mall is being re-leased and repositioned, not torn down.

That distinction matters if you are a retailer negotiating a lease nearby, or an owner on Midlothian Turnpike trying to judge what happens next door. Below, the facts are kept separate from the implications. For the wider Route 60 picture, including rents and vacancy by node, see our Midlothian Turnpike retail guide.

Who bought Chesterfield Towne Center, and for how much?

These points come from the December 2025 announcements and news coverage:

The announcement described Pacific Retail Capital Partners as overseeing the property’s “long-term strategic direction, including a potential redevelopment.” Virginia Business reported there was no timeline or guarantee. The seller’s broker told Richmond BizSense that the acreage and location likely point to a higher and better use. That is a broker’s opinion, not an owner commitment.

Which anchor boxes are vacant?

• Former Sears. Richmond BizSense identified the Sears shell at the mall’s northwest corner as the notable vacancy. Transformco Properties lists the two-level space, about 146,097 SF, for lease through KLNB.
• Former TJ Maxx and HomeGoods. The combo store closed in late February 2026 and moved to Pocono Crossing, a couple of miles away on Midlothian Turnpike, reopening March 5. Management called the exit “an exciting opportunity to thoughtfully reimagine the space” but named no replacement.
• Still operating. Macy’s, JCPenney and At Home remained as anchors after the TJ Maxx move, per Richmond BizSense.

Has anything changed since the sale?

Leasing activity since the sale looks like a landlord working to stabilize the mall, not empty it for demolition:

• R.S. Milan Menswear & Custom Tailors opened a 3,000 SF store at the mall in June 2026, a second location after anchor losses at Regency.
• Lindsey Food Group said in June 2026 that it was working with the new owners to reopen two temporarily closed restaurants. According to the operator, the closures stemmed from a tenant improvement dispute with the prior owner. ML Steak Modern Chophouse would reopen as-is, and Kali Love would become Coastal Southern Table. Mike Lindsey said the new owners “came to us, and they wanted us there.”

I checked Richmond BizSense’s weekly commercial real estate roundups through Sept. 18, 2026 and found no filing or announcement of a redevelopment plan. If one is filed, it will likely need county zoning approval. The Chesterfield Planning Department is where to confirm the site’s current district under the ordinance that took effect Jan. 1, 2026.

What could Chesterfield Towne Center redevelopment mean for nearby retailers?

Everything in this section is a reasonable implication, not an announced fact.

• Near-term leasing leverage for tenants. An owner repositioning a mall with large vacancies generally has reason to offer concessions to fill space. Small-shop tenants may find more flexible terms, but should ask for relocation, redevelopment and co-tenancy clauses in writing.
• Competition for big boxes. The TJ Maxx and HomeGoods move to Pocono Crossing showed that nearby strip centers can win anchors from the mall. If the mall re-leases its boxes aggressively, that competition could run the other way.
• Construction disruption, if it comes. Any phased redevelopment on a 72-acre site would bring years of changed access, parking and visibility for tenants on and next to the property.
• Mixed-use is a common path, not a promise. Many dead or dying regional malls have been remade with housing and outdoor retail, and Chesterfield has backed this approach itself at Stonebridge (the former Cloverleaf Mall) and Springline at District 60 on the eastern end of the corridor. Nothing has been said about housing at the Towne Center.

What should nearby property owners on Midlothian Turnpike do now?

1. 1Watch the county’s zoning cases for any filing on 11500 Midlothian Turnpike or the surrounding parcels. That is the earliest public sign of a real plan.
2. 2Review your leases for co-tenancy clauses tied to mall anchors, and for early-termination or rent-reduction rights your tenants might claim.
3. 3Underwrite two cases if you are buying or refinancing nearby: an extended repositioning with vacant boxes, and a redevelopment with a construction period followed by more traffic.
4. 4Don’t price in upside that hasn’t been announced. A seller pitching a property as “next to the mall redevelopment” is selling a possibility.
5. 5Compare alternatives. Tenants priced out of or unsure about this node can look at newer product farther west, such as Midlothian Depot.

Get a second opinion on a Towne Center-area deal

If you are leasing, buying or holding retail near Chesterfield Towne Center, I can help you separate what is known from what is being marketed and pressure-test the numbers. See the services page, read the Midlothian Turnpike retail guide for the corridor context, or get in touch.