Chesterfield Towne Center Sold for $80 Million. Nine Months On, Nothing Has Been Filed.

The largest single property on Midlothian Turnpike changed hands in December 2025, and the broker who sold it said the quiet part out loud.

Mark Williford of Newmark, who represented the seller, told Richmond BizSense: "Most groups looked at operating it as a retail center for the foreseeable future and improving the merchandising mix. But given the acreage that it sits on and its location, I think it was very obvious that long-term, there's likely a higher, better use."

That is as clear a signal about the future of aging regional retail on Route 60 as the corridor is going to get.

The sale covered four parcels, including the mall itself, the adjacent plaza at 11304 Midlothian Turnpike, and a parcel on Koger Center Boulevard.

At the time of the sale the anchor roster was Macy's, JCPenney, At Home, and T.J. Maxx with HomeGoods, plus more than 130 retailers and restaurants. Ross Dress For Less anchors the adjacent plaza.

That roster has since changed. T.J. Maxx and HomeGoods closed at the mall in late February 2026 and reopened on March 5 about two miles east at Pocono Crossing — T.J. Maxx into roughly 30,000 square feet at 10402 Midlothian Turnpike and HomeGoods into roughly 25,000 at 10340.

As of 2026 the anchors are Macy's, JCPenney and At Home. The former Sears box at the northwest corner, empty since 2020, remains the property's most conspicuous vacancy.

Pacific Retail's response to the departure: "With their departure, we have an exciting opportunity to thoughtfully reimagine the space with a new concept that aligns with evolving shopper needs and brings fresh energy to the center."

In early June 2026, R.S. Milan Menswear & Custom Tailors opened a 3,000-square-foot second location at the mall, next to Zales and Macy's. It is a family-run Richmond menswear and custom tailoring business that kept its original Regency Square store and added Chesterfield.

Manager Sunil Chatlani explained the move to BizSense in terms any operator in this corridor will recognize: Regency's anchors had left, and "We saw Chesterfield is a growing market. Dealerships, housing moving into Chesterfield." Three employees at the Chesterfield store, seven across the company.

A locally owned business choosing this mall in 2026, with its eyes open, is a more interesting data point than anything the new owners have said.

This is the part worth being precise about, because "potential redevelopment" has a way of becoming rumor.

Nine months after the sale, the new owners have filed nothing with Chesterfield County. A search of the county's live planning data for 11500 Midlothian Turnpike returns no zoning case and no site plan case from 2025 or 2026. The most recent zoning case on the property is 15SN0654, filed by Rouse Properties. The most recent site plan case is 15PR0182, for the restaurant row. A search of a wide radius around the mall turns up exactly one 2025 or 2026 case, and it is an unrelated massage therapy business.

Those county records are current — they carry dozens of 2026 cases elsewhere in the county. The absence is real, not stale data.

No master plan has been released. No concept has been published. Pacific Retail declined to describe what "potential redevelopment" means, and the buyers have not commented publicly beyond the December announcement and the February statement above.

The honest summary: the redevelopment conversation is at the talking stage, and has been for nine months.

Two facts that matter if you are trying to guess what could be built there.

The Towne Center is not in the Midlothian Community Special Area Plan. The plan's eastern boundary follows the Falling Creek drainage, and the mall is well east of it. So the village's own plan and its design standards do not reach the site — a point that also applies to the Midlothian Depot project a little further west.

Its base zoning is CC, Corridor Commercial, under Chapter 19.2, the rewritten ordinance effective January 1, 2026. The Midlothian Turnpike frontage falls inside the county's Urban Corridor Overlay; the mall building itself sits north of the mapped overlay boundary. Parcel-level applicability is a question for Chesterfield Planning at 804-748-1050.

There is a window worth watching. The county is mid-way through PlanMod, the comprehensive plan update that follows the zoning rewrite and realigns the land use map with the new ordinance. A Planning Commission public hearing and vote are expected in October 2026, and Board of Supervisors action in November or December. If an owner wanted a land use designation changed, that is the process they would be watching.

Press coverage put the mall's most recent assessment at $67.8 million, which would make $80 million roughly 18 percent above assessed value. The county's public assessment record for the mall parcel currently shows a 2024 total of $96.9 million and is flagged inactive, which is what happens to an account mid-transition after a sale.

We could not reconcile those figures, so we are not drawing a conclusion from them. Anyone who needs the comparison should call Chesterfield Real Estate Assessments.

Last updated September 16, 2026.