RICHMOND, VA - Construction is officially underway at the newest multifamily development in Richmond's vibrant Scott's Addition neighborhood. Greystar, a leading global development firm, and Capital Square, a top sponsor of tax-advantaged real estate investments, acquired a 2.28-acre parcel at 1601 Roseneath and began construction in December 2020. The partners celebrated the progress with an onsite groundbreaking ceremony on Thursday, April 15.
"We are pleased to partner with one of the best and highest quality development and property management firms in the country, and to continue our already significant investment in Capital Square's hometown of Richmond, as well as in Scott's Addition, one of Richmond's hottest neighborhoods," said Adam Stifel, executive vice president of development at Capital Square.
Located at the corner of Roseneath and Moore Street, the 1601 Roseneath site encompasses an entire city block and will soon be home to 350 apartment units and over 16,000 square feet of retail space. The Scott's Addition neighborhood is especially appealing for area residents due to its walkable scene and the ongoing "renaissance" that's led to its steady retail, commercial, and residential growth. In addition to the handful of active warehouses that remain in this historically industrial neighborhood, Scott's Addition is now home to a diverse mix of businesses and over 40 food and beverage establishments, including famed breweries and some of Richmond's most acclaimed restaurants.
"Through thoughtful placemaking design and a locally focused and curated retail strategy, Greystar hopes to make a lasting contribution to one of Richmond's most dynamic and authentic neighborhoods," said John Clarkson, Managing Director of the Mid-Atlantic region at Greystar.
Greystar collaborated with Hord Coplan Macht (HCM) and Richmond-based ARCHITECTUREFIRM on architecture and interior design to create a beautiful and thoughtful design aesthetic, which represents a modern interpretation of the neighborhood's industrial surroundings. The result will be a striking six-story development that blends seamlessly into its creative and historic surroundings and feels more like a boutique hotel with high-end amenities and ample community programming. Offering first-of-its-kind, institutional quality management to the Scott's Addition submarket, the development will bring a new level of hospitality to locals and transplants alike.
"With the help from our friends at HCM and ARCHITECTUREFIRM, our project will pay homage to Scott's Addition's industrial history while providing a contemporary living experience for its current and future residents," noted George Hayward, Senior Director at Greystar.
Available in the property will be a floor plan selection of studios, one-, two-, and three-bedrooms, ranging in size from 550-1,500. Comprising the retail space will be a collection of restaurants and beverage spots to make this community both a brand-new home and a meeting place for anyone looking to grab a meal or a drink in a thriving Richmond neighborhood. Although specific tenants have not yet been announced, the retail mix will integrate local purveyors and restauranteurs and is intended to showcase the best of Richmond's burgeoning culinary scene and complement the existing establishments that have been the force behind Scott's Addition's resurgence.