Construction works have begun at a multifamily development in Scott’s Addition neighbourhood in Richmond, Virginia.
Greystar, a development firm, and Capital Square, a sponsor of tax-advantaged real estate investments, bought a 2.28-acre parcel of land at 1601 Roseneath.
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Located at the corner of Roseneath and Moore Street, the 1601 Roseneath scheme will have 350 apartment units and over 16,000ft2 of retail space.
In addition to providing ‘walkable scene’, the Scott’s Addition neighborhood features a handful of active warehouses and serves as home to a mix of businesses and over 40 food and beverage establishments.
Capital Square executive vice president of development Adam Stifel said: “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.”
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Greystar managing director of the Mid-Atlantic region John Clarkson said: “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 neighbourhoods.”
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By GlobalDataGreystar partnered with Hord Coplan Macht (HCM) and Richmond-based ARCHITECTUREFIRM for architecture and interior design.
The six-story scheme will blend seamlessly into historic surroundings and provide feel of a boutique hotel with high-end amenities.
Greystar senior director George Hayward said: “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.”
The property will provide a selection of studios, one-, two-, and three-bedrooms.
The retail space is expected to provide a collection of restaurants and beverage spots.
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Caption: The scheme will feature 350 apartment units and more than 16,000ft2 of retail space. Credit: Greystar
