VPM | By Lyndon German
Cari Tretina, executive director of Henrico County’s economic development authority, is photographed at a ribbon cutting ceremony on Thursday, Oct. 8, 2026, in Glen Allen, Virginia.
County officials tout the success of the office renovation and redevelopment initiative.
Henrico County plans to relaunch its Henrico Tomorrow initiative — a grant program operated by the county’s economic development authority to attract investments in the county’s aging and vacant office buildings.
This program, which began in 2024, offers reimbursement grants ranging from $100,000 to $500,000 for the renovation of qualifying office properties and grants of up to $25,000 for architectural and design services related to redesign or reuse of an existing property in the county.
Fairfield Supervisor Roscoe Cooper and other county officials and partners celebrated the program’s success earlier this month in a ribbon-cutting ceremony at Medallion Park — a $100 million office complex redeveloped with the help of a Henrico Tomorrow grant.
“What has been accomplished here at Medallion Park is nothing short of incredible,” Cooper said at the Oct. 8 event. “Together, these efforts reflect Henrico’s commitment to keeping our community a vibrant place where both residents and businesses thrive.”
Medallion Park — which features 170,000 square feet of renovated commerical space and a brand-new 279-unit apartment complex on 17 acres of property in Glen Allen — was originally developed in 2000. National Financial Realty, Inc, a Florida-based private real estate firm, acquired the property in 2021 and partnered with housing developers Bristol Development Group to add a residential component to the property.
National Financial Realty founder and CEO Vincent Pellerito told VPM News that the county’s investment in the corridor — like the $50 million Henrico Sports and Events Center, which sits across the street from Medallion Park — motivated the company’s investment.
“Henrico not only says they’re going to be your partner, but they actually act as a good partner and they provide capital,” Pellerito said.
EDA executive director Cari Tretina said the county plans to reopen the grant program sometime in 2027. She said that though many companies are moving away from permanent office spaces, Henrico sees the deserted properties as an economic opportunity.
“Pure economic development involves having workers in your community, and office users are the definition of bringing workers to your community,” Tretina said. “Jobs are the lifeline of any locality, so offices have some of the largest mass, if you will, of our opportunity to bring that type of workforce into our community.”
Medallion Park has already drawn several commercial tenants to its renovated office space, including Citizens Bank and Enterprise Rent-A-Car.
