RICHMOND, VA - Capital Square, a leading sponsor of tax-advantaged real estate investments and an active developer and manager of housing communities across the nation, has officially opened Chasen, a 352-unit, Class A, multifamily community in Richmond, Virginia's Scott's Addition qualified opportunity zone. This milestone marks the firm's fifth successful opportunity zone development completed in Richmond's premier dining and entertainment neighborhood.
The grand opening event featured a host of local dignitaries, including Richmond Mayor Dr. Danny Avula, Katherine Jordan of Richmond City Council, Capital Square Co-CEOs Louis Rogers and Whitson Huffman, and other key partners and development team leaders. After the reception and speeches, attendees toured the building's market-leading residences and amenity spaces.
"The opening of Chasen represents another important milestone for Capital Square and for the continued evolution of Scott's Addition," said Whitson Huffman, co-chief executive officer and chief investment officer of Capital Square. "A testament to how opportunity zone legislation can transform both neighborhoods and investor outcomes, Chasen reflects our commitment to creating high-quality residential communities that elevate the urban living experience. With its luxury amenities and premium finishes, Chasen offers residents a sophisticated lifestyle while reinforcing Scott's Addition's position as one of Richmond's most dynamic and desirable neighborhoods."
Located in the heart of Scott's Addition, the community includes three six- and seven-story residential buildings above podium parking with over 5,350 square feet of ground-level retail space. Units average 845 square feet with premium appliances and finishes, including quartz countertops, tile back splashes and luxury tile throughout. Community amenities include a resort-style zero-edge pool, fitness center, wellness studio, co-working space, dog wash station, resident lounges, lush courtyards with native Virginia landscaping and a rooftop terrace.
Capital Square has been the most active developer within the Scott's Addition neighborhood since 2020, having completed five Class A mixed-use multifamily communities: INK at Scott's Collection, VIV at Scott's Collection, GEM at Scott's Collection, Otis and Chasen, all within walking distance of one another.
The project team included Poole & Poole Architecture as building architect, Timmons Group as civil engineer and Hourigan Construction as general contractor. The design team included ENV as interior designer and Marvel Designs as landscape designer.
Chasen was funded with proceeds from Capital Square's seventh qualified opportunity zone fund, CSRA Opportunity Zone Fund VII, LLC. Conceived as part of the Tax Cuts and Jobs Act of 2017, opportunity zone funds are intended to help foster economic growth by providing tax benefits to incentivize private investments in designated opportunity zones. More recently, Capital Square launched CSRA Opportunity Zone Fund IX, LLC to fund the construction of another luxury multifamily development in the Scott's Addition neighborhood.
Natalie Mason, co-head of development at Capital Square, added, "Scott's Addition has incredible energy, and Chasen puts residents right in the center of it all. From the local breweries and restaurants to the walkable streets and creative community, this neighborhood offers something truly unique. We're excited to give people the opportunity to live here and experience everything this area has to offer."