What Libbie Mill-Midtown does

Libbie Mill-Midtown is a 90-acre master-planned mixed-use community developed by Gumenick Properties in the Midtown area of Henrico County, Richmond, Virginia. The project broke ground in 2013 and is designed as a walkable, 15-minute "live, work, learn, play" community, positioned as the largest revitalization project in Henrico County's 400-year history. The portfolio comprises multiple apartment communities (Penstock Quarter with 327 units, Wellsmith, Wrighthaven Square with 336 planned units, Harp's Landing with 398 units under construction, and Jordan's Branch rental condominiums), for-sale townhomes (The Grace, The Pollard, The Belmont — Grace sold out) and condominiums (The Monroe, The Sydney — both sold out), and three commercial buildings totaling roughly 90,000 sq ft of office and retail (Emmer Row 44,631 sq ft, Tanner Row 44,994 sq ft, Corner Shops) plus 41,000+ sq ft of ground-floor retail at Penstock Quarter. Community amenities include a 60,000 sq ft Henrico County public library generating nearly 400,000 annual visitors, Libbie Lake and pier, walking trails, pocket parks, clubhouse and pool, and EV charging stations.

The business model relies on three primary recurring revenue streams: (1) recurring apartment rental income from over 1,000 stabilized units upon completion, (2) recurring commercial and retail lease income across Emmer Row, Tanner Row, Penstock Quarter ground floor, and Corner Shops, and (3) one-time for-sale townhome and condominium revenue, of which the initial product (Grace, Sydney, Monroe) is fully sold out. Commercial leasing is conducted through third-party brokers including Colliers International and CBRE, while residential leasing and sales are handled in-house by Gumenick Management Co. LLC under Regional Property Manager Karen Bunch. The development follows a placemaking methodology developed in partnership with Project for Public Spaces, the central hub of the global placemaking movement. Customer segments include residential renters and buyers seeking walkable urban living, commercial tenants across retail, restaurant, professional services, and nonprofit categories, and visitors drawn by community events, dining, and the on-site library.

Strategically, Libbie Mill-Midtown is in active expansion mode, with Wrighthaven Square opening in 2026, Harp's Landing completing mid-2025, Jordan's Branch in pre-leasing, and a continuous pipeline of commercial tenant signings throughout 2024–2026. The site benefits from a defensible distribution advantage at the convergence of Staples Mill Road (20,000 vehicles/day), Libbie Avenue, and I-64/I-95. There is no disclosed AI/ML capability, no external funding, and no public-company financials; the project is wholly owned and operated by Gumenick Properties, a Virginia-based real estate developer founded in the late 1940s.

Name

Libbie Mill-Midtown

Legal name

Gumenick Management Co. LLC

Website

https://libbiemill.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

Libbie Mill-Midtown is a 90-acre master-planned mixed-use community in Henrico County, Richmond, Virginia, developed by Gumenick Properties since 2013. It serves residential renters and buyers with over 1,000 apartment units and for-sale townhomes/condos, alongside commercial tenants in office and retail buildings and community amenities including a 60,000 sq ft public library.

Ownership category

akta.pro rank

Product category

Mixed-Use Real Estate Development

SIC

Land Subdividers & Developers (No Cemeteries) (6552), Services-Facilities Support Management Services (8744)

akta.pro primary industry

Retail & Mixed-Use Commercial Construction (IMAFACAB)

Keywords

• Mixed-use development
• Residential apartments
• Commercial leasing
• Retail space
• Real estate development

Headquarters

HQ city

Richmond

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Marketing or Sales

Revenue model

1. Apartment Rentals: Rental income from multiple apartment communities including Penstock Quarter, Wellsmith, Wrighthaven Square, and Jordan's Branch. Total rental homes exceed 1,000 units upon completion.
2. Townhome and Condominium Sales: For-sale residential products including townhomes (The Grace, The Pollard, The Belmont) and condominiums (The Sydney, The Monroe). Townhomes feature 2-car attached garages; condominiums feature 1-car garages.
3. Commercial and Retail Leasing: Leasing of commercial office and retail space across multiple buildings: Emmer Row (44,631 sq ft), Tanner Row (44,994 sq ft), Penstock Quarter (41,000+ sq ft), and Corner Shops. Buildings feature ground-floor retail with second-floor office space.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Libbie Mill-Midtown is a 90-acre mixed-use walkable community in Henrico County, Richmond, VA that develops and operates residential apartments, for-sale townhomes and condominiums, commercial office buildings, and ground-floor retail space. The community is designed as a live-work-learn-play destination anchored by a 60,000 sq ft public library, Libbie Lake, nature trails, and event spaces. It is owned and managed by Gumenick Properties and is built in partnership with Project for Public Spaces.

Product overview

Libbie Mill - Midtown is a 90-acre mixed-use development by Gumenick Properties in Henrico County, Richmond, VA, offering a live, work, learn, play community. The portfolio includes four apartment complexes (Penstock Quarter with 327 units, Wellsmith, Wrighthaven Square with 336 units, and Jordan's Branch rental condominiums), for-sale townhomes (Grace, Pollard, Belmont - all sold out) and condominiums (Monroe, Sydney - sold out), commercial buildings (Emmer Row 44,631 sq ft, Tanner Row 44,994 sq ft, Corner Shops), and community amenities including Libbie Mill Library (60,000 sq ft), Libbie Lake, nature trails, pocket parks, clubhouse and pool. The development broke ground in 2013 and is designed as a walkable, 15-minute community.

Differentiator

Problem solved

Functional benefit

Brands

• Wrighthaven Square Apartments: Garden-style apartment community with 3-story walk-ups and 4-story elevator-equipped residences, floor plans ranging from 564 to 1,336 square feet
• Penstock Quarter
• Emmer Row
• Tanner Row
• The Monroe (Condominium)
• The Sydney (Condominium)
• The Grace (Townhome)
• The Pollard (Townhome)
• The Belmont (Townhome)

Products and services

• Penstock Quarter Apartments Apartment complex with 327 high-end apartments featuring ground floor retail space and 216 internal structured parking spaces located at 5001 Libbie Mill East Boulevard within the Libbie Mill-Midtown mixed-use community.
• Wellsmith Apartments Apartment community within the Libbie Mill-Midtown mixed-use development featuring modern finishes and convenient access to community amenities.
• Wrighthaven Square Apartments Garden-style apartment community with 336 homes in 15 three and four-story buildings featuring three unique building styles from 3-story walk-ups to 4-story elevator-equipped residences, each with balcony or patio, and floor plans ranging from 564 to 1,336 square feet.
• Jordan's Branch Apartments Rental condominiums located on the western edge of the Libbie Mill-Midtown community, part of the residential for-sale and condominium rental unit development.
• The Monroe Condominium Two-level for-sale condominium with 3 bedrooms, 2 full baths and 1 half bath, 1-car garage, approximately 2,648 square feet spanning floors 3 and 4. Currently sold out.
• The Sydney Condominium Two-level for-sale condominium with up to 3 bedrooms, approximately 1,531 square feet spanning floors 1 and 2. Currently sold out.
• The Grace Townhome Three-level for-sale townhome with up to 3 full baths and 1 half bath, 2-car garage, 1,342+ square feet. Currently sold out.
• The Pollard Townhome For-sale townhome with 1,802 square feet of living space within the Libbie Mill-Midtown community.
• The Belmont Townhome For-sale townhome with up to 4 bedrooms, 2,035 square feet within the Libbie Mill-Midtown community.
• Emmer Row Commercial Building 44,631 square foot commercial building at 4901 Libbie Mill East Blvd with second floor office space and ground floor retail, housing Shagbark Restaurant, Sage Salon, Towne Bank, Radiant Nails, The Brass Tap, Annalise Bridal Boutique, D.A. Davidson, and Gumenick Properties headquarters.
• Tanner Row Commercial Building 44,994 square foot commercial building at 4900 Libbie Mill East Boulevard with second floor office space and ground floor retail, housing Marsh McLennan Agency, State Farm Insurance, Airrosti, and the upcoming OPA! Social restaurant.
• Corner Shops Commercial Retail Commercial retail space at the intersection of Staples Mill Road and Bethlehem Road with convenient access to I-64 and Broad Street, housing ACACIA midtown, Athletico, Block Advisors, Starbucks, and 9Round.

Quantifiable outcome

• 400,000 annual visitors to Libbie Mill Library
• +2 more outcomes

Named customers12 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• Colliers InternationalcoreChannel Partner/ Reseller/ Distributor · 15 May 2025Commercial real estate brokerage representing Libbie Mill-Midtown in commercial leasing transactions including the D.A. Davidson deal.
• CBREcoreChannel Partner/ Reseller/ Distributor · 15 May 2025Commercial real estate brokerage representing D.A. Davidson in the office space transaction at Libbie Mill.
• Sperity Real Estate VenturesminorChannel Partner/ Reseller/ Distributor · 9 February 2024Real estate brokerage representing Junior League of Richmond in their headquarters lease transaction at Libbie Mill.
• Project for Public SpacescoreStrategic or Co-development PartnerPartnership with the central hub of the global Placemaking movement, connecting people to ideas, expertise, and partners who share a passion for creating vital places. Great emphasis placed on convenience of public areas encompassing streetscapes and open space.
• Gumenick PropertiescoreOthersHenrico-based developer and property manager of Libbie Mill-Midtown. Award-winning real estate development and management company founded in late 1940s.

Scale indicators6 records

Recent moves10 records

Expansion highlights4 records

Broad incumbents

• Equity Residential: Multifamily REIT focused on urban and high-density suburban apartment communities. Comparable to Libbie Mill-Midtown's luxury apartment products (Penstock Quarter, Wrighthaven Square) in target renter demographics and unit mix.
• AvalonBay Communities: Large multifamily REIT with developments in high-density, mixed-use urban-edge submarkets. Comparable to Libbie Mill-Midtown's apartment communities (Penstock Quarter, Wellsmith, Wrighthaven Square) in product type and target demographic.
• Toll Brothers: National homebuilder with townhome and condominium product lines comparable to Libbie Mill-Midtown's for-sale Grace, Pollard, Belmont, Sydney, and Monroe units in the Richmond- and Virginia-adjacent submarkets.
• Federal Realty Investment Trust: Public REIT that owns and operates mixed-use town centers with a residential, retail, and office mix. Comparable to Libbie Mill-Midtown's combination of ground-floor retail, office, and adjacent residential density.
• Greystar Real Estate Partners: Largest U.S. apartment operator and developer with significant mixed-use and build-to-rent platform. Comparable to Libbie Mill-Midtown's scale of multifamily leasing and third-party property management operations.
• Brookfield Property Partners: Global real estate operator with mixed-use, retail, and office portfolios. Comparable to Libbie Mill-Midtown's commercial buildings (Emmer Row, Tanner Row, Corner Shops) and integrated live-work components.
• Mid-America Apartment Communities: Multifamily REIT operating garden-style and urban apartment communities across the Southeast. Comparable to Libbie Mill-Midtown's Wrighthaven Square garden-style product and overall leasing operations.
• The Rouse Company: Mixed-use development and operating company historically active in town center-style projects. Conceptually comparable to Libbie Mill-Midtown's placemaking-driven, live-work-learn-play community model.

Direct peers

• Bozzuto Group: Multifamily and mixed-use developer/operator with a strong Mid-Atlantic presence, including walkable, placemaking-driven communities similar to Libbie Mill-Midtown. Both companies develop, lease, and manage mixed-use real estate assets in urbanizing submarkets.
• Gumenick Properties: Parent company and developer of Libbie Mill-Midtown. Gumenick Properties operates additional multifamily and mixed-use developments in the Richmond and Virginia region, making it the most directly comparable operating peer to Libbie Mill-Midtown itself.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/libbiemillrva
• Instagraminstagram.com/libbiemillrva
• Xx.com/LibbieMillRVA
• LinkedInlinkedin.com/company/libbie-mill-midtown

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Libbie Mill-Midtown