Shockoe Valley began developing in the late 18th century following the move of the state capital to Richmond, aided by the construction of Mayo's bridge across the James River (ultimately succeeded by the modern 14th Street Bridge), as well as the siting of key tobacco industry structures, such as the public warehouse, tobacco scales, and the Federal Customs House in or near the district.

[3] On the eve of the fall of Richmond to the Union Army in April 1865, evacuating Confederate forces were ordered to set fire to the city's tobacco warehouses.

Up until the end of the American Civil War in 1865, the area played a major role in the history of slavery in the United States, serving as the second largest slave trading center in the country, second to New Orleans.

[5] On the eve of the fall of Richmond to the Union Army in April 1865, evacuating Confederate forces were ordered to set fire to the city's tobacco warehouses.

[3] Architecturally, many of the buildings were constructed during the rebuilding following the Evacuation Fire of 1865, especially in a commercial variant of the Italianate style, including a 1909 fountain, dedicated to "one who loved animals.

Shockoe also included some of the earliest rehabilitated downtown apartments; at the time of the restoration asphalt paving was removed to expose historic Belgian block streets.

Other projects include the revamping of the 17th Street Farmer's Market into an Open-air pedestrian mall with al fresco dining for the restaurants, the Main Street Station's Train Shed into an urban market with a bike storage facility and bus Rapid Transit station, and Lumpkin's Jail into the Slavery and Freedom Heritage Center.