Capital Square Celebrates Topping Out New Multifamily Development in Richmond's Scott's Addition
Capital Square, a prominent figure in tax-advantaged real estate investment and active developer of housing projects, recently celebrated a significant milestone. The company has reached the topping out stage for its latest multifamily community project, known as Chasen, located in Richmond, Virginia's vibrant Scott's Addition neighborhood. This development, which encompasses 352 units, has been underway since breaking ground in April 2023 and signifies their fifth successful opportunity zone project in the area over the course of four years.
Louis Rogers, the founder and co-CEO of Capital Square, expressed gratitude towards the investors and financial advisors who supported this venture. With the investment being funneled through the CSRA Opportunity Zone Fund VII, LLC, it offers funding avenues that allow investors to defer and potentially exclude capital gains taxes from asset sales. This approach not only benefits investors with tax incentives but also fuels economic activity, generates new jobs, and creates additional tax revenue for local communities, thus forming a mutually beneficial arrangement.
Upon its scheduled completion, Chasen will feature three multifamily buildings, with six and seven stories above a podium parking structure. The layout includes a mix of studio, one, two, and three-bedroom apartments, totaling over 5,350 square feet of retail space on the ground level. Each unit will average 845 square feet, showcasing premium finishes such as quartz countertops, tile backsplashes, and luxury vinyl plank flooring. Prospective residents can look forward to the move-in dates set for summer 2025 at the project's locations on West Clay Street and West Marshall Street.
Chasen won't just meet housing needs; it aims to create a community environment enriched with amenities for residents. Plans include a luxurious saltwater pool, a lounge equipped with a golf simulator, a modern fitness club complete with a studio, a co-working space featuring private offices, and additional perks like a pet spa and bike storage facilities. Residents will also benefit from beautifully landscaped courtyards and a rooftop lounge designed for relaxation and socialization. The Chasen community will sit within walking distance from over 51 various retail, dining, and entertainment venues located in the Scott's Addition area.
The Scott's Addition neighborhood, dating back to 1901, is recognized for its eclectic mix of food, drink, and entertainment options and has evolved from its industrial roots into a bustling dining and nightlife destination. Notably, CNN dubbed it Richmond's "craft beverage capital," thanks to its numerous breweries, cideries, distilleries, and meaderies, establishing it as one of Richmond's fastest-growing and most sought-after neighborhoods.
Local firms, including Timmons Group (civil engineering), Poole & Poole Architecture (architectural design), Hourigan Construction (contracting), ENV (interior design), and Marvel Designs (landscaping) have collaborated closely for this project, further embedding local expertise into the development.
The economic landscape remains a challenge for many developers, with fluctuations in financing and construction costs. Whitson Huffman, the co-CEO, acknowledged these difficulties while celebrating the dedication and collaboration reflected in Chasen's progression. He noted that overcoming such challenges underscores the commitment of all involved, driving them toward delivering another luxury multifamily option in the thriving Scott's Addition opportunity zone.
Since 2020, Capital Square has taken the lead in developing various projects within the Scott's Addition area, delivering four Class A multifamily communities and bringing more than 900 high-quality apartment units to the locality. Their noteworthy project, Otis, received the CoStar Impact Award for multifamily development of the year in 2024, showcasing the firm's commitment to quality and community impact.
As the Chasen project advances, its financing through the CSRA Opportunity Zone Fund VII, LLC not only reflects the company’s strategy for sustainable growth but also aligns with their broader vision for community development. Their previous opportunity zone projects have demonstrated considerable economic impacts, resulting in approximately 1,500 construction jobs and substantial contributions to local economies through tax revenues. Capital Square is poised to continue making a meaningful impact with its ongoing and future projects within the Scott's Addition neighborhood.
As of June 2024, the company launched CSRA Opportunity Zone Fund IX, LLC, aiming to finance a sixth mixed-use apartment and luxury hotel development in the area, with plans to raise $77 million in equity. Capital Square remains committed to enhancing community life in Richmond through its comprehensive portfolio and innovative development practices.
For more about Capital Square and its developments, visit CapitalSq.com.
Louis Rogers, the founder and co-CEO of Capital Square, expressed gratitude towards the investors and financial advisors who supported this venture. With the investment being funneled through the CSRA Opportunity Zone Fund VII, LLC, it offers funding avenues that allow investors to defer and potentially exclude capital gains taxes from asset sales. This approach not only benefits investors with tax incentives but also fuels economic activity, generates new jobs, and creates additional tax revenue for local communities, thus forming a mutually beneficial arrangement.
Upon its scheduled completion, Chasen will feature three multifamily buildings, with six and seven stories above a podium parking structure. The layout includes a mix of studio, one, two, and three-bedroom apartments, totaling over 5,350 square feet of retail space on the ground level. Each unit will average 845 square feet, showcasing premium finishes such as quartz countertops, tile backsplashes, and luxury vinyl plank flooring. Prospective residents can look forward to the move-in dates set for summer 2025 at the project's locations on West Clay Street and West Marshall Street.
Chasen won't just meet housing needs; it aims to create a community environment enriched with amenities for residents. Plans include a luxurious saltwater pool, a lounge equipped with a golf simulator, a modern fitness club complete with a studio, a co-working space featuring private offices, and additional perks like a pet spa and bike storage facilities. Residents will also benefit from beautifully landscaped courtyards and a rooftop lounge designed for relaxation and socialization. The Chasen community will sit within walking distance from over 51 various retail, dining, and entertainment venues located in the Scott's Addition area.
The Scott's Addition neighborhood, dating back to 1901, is recognized for its eclectic mix of food, drink, and entertainment options and has evolved from its industrial roots into a bustling dining and nightlife destination. Notably, CNN dubbed it Richmond's "craft beverage capital," thanks to its numerous breweries, cideries, distilleries, and meaderies, establishing it as one of Richmond's fastest-growing and most sought-after neighborhoods.
Local firms, including Timmons Group (civil engineering), Poole & Poole Architecture (architectural design), Hourigan Construction (contracting), ENV (interior design), and Marvel Designs (landscaping) have collaborated closely for this project, further embedding local expertise into the development.
The economic landscape remains a challenge for many developers, with fluctuations in financing and construction costs. Whitson Huffman, the co-CEO, acknowledged these difficulties while celebrating the dedication and collaboration reflected in Chasen's progression. He noted that overcoming such challenges underscores the commitment of all involved, driving them toward delivering another luxury multifamily option in the thriving Scott's Addition opportunity zone.
Since 2020, Capital Square has taken the lead in developing various projects within the Scott's Addition area, delivering four Class A multifamily communities and bringing more than 900 high-quality apartment units to the locality. Their noteworthy project, Otis, received the CoStar Impact Award for multifamily development of the year in 2024, showcasing the firm's commitment to quality and community impact.
As the Chasen project advances, its financing through the CSRA Opportunity Zone Fund VII, LLC not only reflects the company’s strategy for sustainable growth but also aligns with their broader vision for community development. Their previous opportunity zone projects have demonstrated considerable economic impacts, resulting in approximately 1,500 construction jobs and substantial contributions to local economies through tax revenues. Capital Square is poised to continue making a meaningful impact with its ongoing and future projects within the Scott's Addition neighborhood.
As of June 2024, the company launched CSRA Opportunity Zone Fund IX, LLC, aiming to finance a sixth mixed-use apartment and luxury hotel development in the area, with plans to raise $77 million in equity. Capital Square remains committed to enhancing community life in Richmond through its comprehensive portfolio and innovative development practices.
For more about Capital Square and its developments, visit CapitalSq.com.
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