All water usage is restricted until further notice.
At a press conference officials would not comment on exactly how much was lost but only emphasized it was a "large amount."
Hopewell uses around four million gallons a day, officials said.
The estimated total of water lost is millions of gallons.
Officials said that pipe burst at the Virginia American Water plant when they were doing maintenance.
As a result of the city-wide water emergency and mandatory water restriction, Hopewell City Public Schools will dismiss early today.
Older children will be dismissed first to minimize concerns around the supervision of younger siblings.
Pre-K, Kindergarten and first- grade students will only be released from the buses to the care of a responsible adult, school officials said.
"We apologize for the inconvenience and are working closely with City officials as they strive to remedy this situation immediately," a school representative said.
Boiled or bottled water should be used for drinking, making ice, brushing teeth, washing dishes, and food preparation until further notice, according to officials.