400 East Grace Street by the Numbers
68
Affordable housing units for seniors
$37 million
Estimated redevelopment project cost
Q2 2027
Anticipated construction start
Historic Housing, Unsafe Apartments
In 2001, “Grace Place” apartments opened its doors with 58 units of income-restricted housing in the historic Monroe Ward neighborhood. Rehabilitated using federal funds, the 1923 building was now intended to provide affordable downtown housing to lower income Richmonders. However, decades of mismanagement took their toll on the building and the residents, who were subject to unsafe conditions and illegal evictions.
By 2022, the apartments at 400 East Grace Street had suffered failed inspections and burst pipes, while the owners had failed to pay property taxes. RRHA acquired the building in December of that year, with a plan to renovate and revitalize the apartments to become the safe affordable housing they were always meant to be.
Rebuilding for the Residents
With the former owners removed, RRHA relocated residents to extended-stay conditions while performing emergency assessments. Though conditions were rough, RRHA and its non-profit subsidiary, the Richmond Development Corporation (RDC), saw an opportunity to rebuild and expand 400 East Grace Street to serve the needs of low-income Richmonders.
With the help of development partner People Restoring Communities (PRC), RRHA has a bold new vision: 68 affordable housing units for seniors, addressing a dire community need. Each unit will have project-based rental subsidies, ensuring these apartments remain affordable for the older adults that need them most.
The pricetag? $37 million, expected to be financed through block grants, a Low-Income Housing Tax Credit (LIHTC) allocation, and bond financing, expected to close in December 2026.
What Comes Next?
Like all RRHA redevelopment projects, our approach is collaborative and resident-first. As funding is secured and development is slated to begin, expect community meetings, press releases, and other forms of outreach online, through social media, and at in-person events.
Anticipated Upcoming Milestones
- December 2026 | Closing on RRHA bond financing
- On or before March 31, 2027 | Completion of remaining funding commitments
- Second Quarter of 2027 | Construction to begin
Although this project has taken a long time, it was important to follow the legal processes, and in the end, the Agency is executing on its mission of, “Building Communities and Changing Lives.”
RRHA CEO Steven Nesmith
Latest News Articles on 400 East Grace Street
- RRHA Takes Major Step in $37M Renovation of 400 E. Grace Street
RRHA has closed on a ground lease for the property at 400 East Grace Street. Redevelopment of this downtown building preserves public ownership and advances plans for affordable senior housing in the heart of the city. - RRHA Has Acquired Grace Place Apartments Building
Now that the building is fully under RRHA’s ownership, it will undergo an emergency assessment to evaluate its infrastructure and assess living conditions.