If you own a home in Richmond’s Southside or you’re thinking about buying one there, pay close attention right now. The city just made a very big move. In March 2025, the City of Richmond bought 95.93 acres of land from Philip Morris USA for $5.5 million. This land will become a brand new signature park for Southside communities. And yes, it is going to change real estate values in Richmond in ways that many people haven’t thought about yet.
What Is the Southside Park Development?
The Story Behind the 96-Acre Site
This land has an interesting past. It was once floated as a spot for a casino development. Richmond voters said no to that idea, not once but twice. After those rejections, city leaders had to think of something better.
Then in late 2024, City Council unanimously voted to buy the site. On March 27, 2025, the City of Richmond finalized the purchase of 95.93 acres of land from Philip Morris USA for $5.5 million, with plans to create a new signature park in Southside, establish another east-west travel route, and conduct a market study to determine the best uses for the remaining acreage.
The site sits along Walmsley Boulevard, Trenton Avenue, and Kalimat Lane, bordered by CSX Railroad to the west. It is in Richmond’s 8th district, deep in the Southside. This is a part of the city that many people say has been ignored for too long.
What Will Actually Be Built on This Land?
The city has a clear plan for how to divide the 96 acres. About 45 acres will become the signature park. Another 45 acres will be used for economic development with a focus on commercial, civic, and workforce growth. The remaining 6 acres will be used for a new road that links Walmsley to Commerce Road and Richmond Highway.
Quick breakdown of the 96 acres:
45 acres — New signature public park (includes wetlands and ponds)
45 acres — Economic development site (commercial and civic)
6 acres — New east-west connector road (Walmsley to Richmond Highway)
Nearly half of the undeveloped property includes wetlands and ponds, which the city will look to incorporate into the 45-acre signature park for the surrounding Southside communities. Honestly, that sounds like a beautiful park to me. Water features and natural wetlands give a park a lot of character. Kids will love it and so will dog walkers.
How Parks Raise Property Values: What the Research Says
The Science of the Proximity Premium
You might be wondering: does a park really make homes worth more? The short answer is yes. And the research on this is very clear.
According to a study reviewed by the National Recreation and Park Association (NRPA), homes near parks or green spaces often sell for 8% to 20% more than similar homes that are not close to a park. This effect is called the proximity premium.
Think about what that means for Richmond. The average home value in Richmond, VA is $371,213, up 0.7% over the past year. A 10% boost from a park nearby could add roughly $37,000 in value to a home. That is real money.
I’ve looked at this kind of research a lot. The findings are pretty consistent everywhere you look. A 2022 peer-reviewed study published in Frontiers in Public Health (PMC) found that planned parks and recreational open-space community parks add the most value to nearby properties. The new Southside site fits that description exactly.
How Much Closer Means How Much More?
Distance matters a lot when we talk about park premiums. Research by the Chester County Planning Commission in Pennsylvania found that the average home within a quarter mile of protected open space went up by $13,119 in value. Homes within a half mile saw an average increase of $11,379. (Source: Unique Places to Save)
“Homeowners within 500 feet of a park saw a cumulative $20 million increase in property values in one study, resulting in property tax revenues rising to over $1.5 million.” — Unique Places to Save
So if you live right next to the new Southside park, your home could see the biggest gains. The closer you are, the more the value boost. That is just how it works.
Why Southside Richmond Stands to Gain the Most
A Neighborhood That Has Been Waiting for This
Here is something worth knowing. Southside Richmond has historically been one of the most underinvested parts of the city. Those population increases are welcome to many elected officials who perceive the 8th and 9th districts of Richmond’s Southside as having been historically overlooked and underinvested.
When I look at a neighborhood like this, I see opportunity. A big green space investment in an area that has been left behind tends to create a bigger price jump than in places that already have lots of amenities. Think about it. A park in an already-wealthy neighborhood is nice. But a park in a neighborhood that never had one? That changes things fast.
For First District Councilmember Andreas Addison, who sponsored the resolution, “When we look at the opportunities we have to grow as a city, the future is going to lie in how we develop Southside.”
New Roads and Transit: The Hidden Value Boost
People sometimes forget that a park is not the only thing going on here. The city is also building a new east-west connector road linking Walmsley Boulevard to Richmond Highway. Better roads mean easier commutes. Easier commutes mean more buyers want to live there.
Along Broad Street and other corridors, BRT and transit nodes are expected to spark walkable, mixed-use hubs, and Southside to Northside will all see changes from the city’s zoning refresh. Better transit access in Southside adds even more appeal for home buyers who do not want to drive everywhere.
The combination of a signature park, a new road, and better transit options is not a small thing. That is a neighborhood transformation. And when neighborhoods transform, property values follow.
What This Means for Buyers, Sellers, and Investors
Should You Buy Near the New Southside Park Now?
Honestly, if you are thinking about buying in Southside, this is the kind of news that matters. When a new park is announced, prices near the site often start moving before the park is even finished. Early buyers tend to get the best prices. By the time the park opens and the neighborhood is buzzing, prices have already climbed.
I’ve seen this happen in other cities. Once construction starts and people can see progress, demand picks up fast. Buyers who waited said they wished they had moved sooner.
In the Richmond region, Southside is one of the most competitive markets, with limited inventory leading to bidding wars, often driven by first-time buyers or investors. Add a 45-acre signature park to that picture, and the competition for homes nearby is only going to increase.
What Sellers in the Area Should Know Right Now
If you already own a home near Walmsley Boulevard or Trenton Avenue in Southside, you are in a good spot. You do not need to sell right now. In fact, waiting until the park is more developed and the new road is in place could get you a higher price.
That said, the market is already moving. With a population of 229,247, 102,145 total housing units, and a median house value of $426,941, Richmond real estate prices are already well above the national average. The park development will only add to that story when you are describing the neighborhood to a potential buyer.
Make sure your listing highlights proximity to the new Southside park, the improved road access, and all the planned community green space. Buyers are paying attention to these things.
Concerns Worth Talking About: Gentrification and Affordability
Will Rising Values Push Long-Term Residents Out?
This is a real conversation that Richmond needs to have. When parks and development raise property values, that is great for homeowners. But it can be very hard for renters and people on fixed incomes who live in the same neighborhood. Higher values lead to higher rents and higher property taxes. That can push out people who have lived in the Southside for decades.
Zoning decisions impact affordability, gentrification, and whether longtime residents get pushed out as development accelerates. This is not a made-up worry. It has happened in many cities where a big park or development project changed a neighborhood quickly.
To the city’s credit, part of the plan for the economic development site next to the park includes a workforce development component. There is also new affordable housing being built in the Southside. Developers with the Tennessee-based company Elmington unveiled plans for 266 units spread across three buildings, available only to those who earn up to 60% of the area’s median income. That is a step in the right direction.
Infrastructure Needs to Keep Up With Growth
One thing I noticed while looking into this is that Southside’s growth is already putting pressure on things like sidewalks and schools. Because nearly all of the 8th and 9th districts were annexed from Chesterfield County in the 1940s and 1970s, they were designed as suburbs, and they continue to lag behind other areas of Richmond in infrastructure like sidewalks and stormwater control.
A new park will bring more people, more cars, and more kids to the neighborhood. The city has to make sure the roads, schools, and other services can handle that growth. Otherwise, the gains from the park could be slowed down by the frustration of overcrowded schools and missing sidewalks.
Conclusion
The new Southside Park development in Richmond is not just a nice place to walk your dog. It is a turning point for an entire part of the city. A 45-acre signature green space, a new connector road, improved transit access, and a planned economic development site — all of these things together are going to push real estate values in Richmond upward in the Southside.
Research from across the country is very clear: parks raise property values by 8% to 20% on average. For homes already in a rising market like Richmond, that is a meaningful number. If you are a buyer, now is the time to look at Southside seriously. If you are a seller, patience could reward you well. And if you are an investor, this is the kind of neighborhood signal that does not come around very often.
I’d love to hear what you think. Are you a Southside homeowner watching this development? Have you been thinking about buying near Walmsley Boulevard? Leave a comment below or share your thoughts. This is one story that is just getting started.
Frequently Asked Questions
How much land is included in the new Southside Park development in Richmond?
The City of Richmond purchased 95.93 acres of land from Philip Morris USA for $5.5 million in March 2025. About 45 acres of that land will become the new signature public park, while another 45 acres are set aside for economic development, and the remaining 6 acres will be used for a new road connection.
How much can the new Southside Park increase nearby home values in Richmond?
Based on research reviewed by the National Recreation and Park Association, homes near parks typically see a value increase of 8% to 20% compared to similar homes farther away. For a Richmond home valued at the city average of around $371,000, that could mean a gain of $30,000 to $74,000 in added value.
Where exactly is the new Southside Park located in Richmond?
The site is located in Richmond’s 8th district, with frontage on Walmsley Boulevard, Trenton Avenue, and Kalimat Lane. It is bordered by CSX Railroad to the west and sits just south of the Philip Morris Manufacturing Center along Commerce Road near Interstate 95.
Will the Southside Park development cause gentrification or displacement in Richmond?
This is a valid concern. Rising property values can make it harder for renters and lower-income residents to stay in the neighborhood. The city is trying to balance this with affordable housing projects in Southside, including 266 income-restricted units by developer Elmington. The economic development site next to the park also includes a planned workforce development component to support local jobs and residents.
When will the new Southside Park in Richmond be open to the public?
As of early 2025, the city is still in the early planning stage. Community engagement for the park is expected to begin later in 2025, with designs and concepts still to be determined. The old Operations Center Building on the site is set to be demolished this year to clear space. A firm opening date has not been announced yet, so this is a longer-term development to watch over the next few years.
