RICHMOND, VA – Construction of the newest apartment building in Richmond's vibrant Scott & # 39; s Addition neighborhood is officially underway. Greystar, a leading global development company, and Capital Square, a top sponsor of tax-privileged real estate investments, acquired 2.28 acres in 1601 Roseneath and began construction in December 2020. The partners celebrated the progress with a groundbreaking ceremony on site on Thursday, April 15th.
"We are excited to partner with one of the best quality development and property management firms in the country and continue our already significant investment in the Richmond hometown of Capital Square and Scott & # 39; s Addition, one of the hottest areas of Richmond." said Adam Stifel, executive vice president of development at Capital Square.
The 1601 Roseneath site is on the corner of Roseneath and Moore Streets and is an entire city block. 350 residential units and more than 16,000 square meters of retail space will be built shortly. The Scott & # 39; s Addition neighborhood is particularly attractive to local residents because of its walkable scene and the ongoing "renaissance" that has resulted in steady growth in retail, commercial and residential buildings. In addition to the handful of active warehouses in this historically industrial neighborhood, Scott & # 39; s Addition is now home to a diverse mix of businesses and over 40 food and beverage companies, including famous breweries and some of Richmond's most prestigious restaurants.
"Through well thought-out placemaking design and a locally-focused and curated retail strategy, Greystar hopes to make a lasting contribution to one of Richmond's most vibrant and authentic neighborhoods," said John Clarkson, Greystar's Mid-Atlantic General Manager.
Greystar worked with Richmond-based Hord Coplan Macht (HCM) and ARCHITECTUREFIRM on architecture and interior design to create a beautiful and thoughtful design aesthetic that is a modern take on the neighborhood's industrial environment. The result will be an impressive six-story development that blends seamlessly with the creative and historic surroundings and feels more like a boutique hotel with quality amenities and extensive community program. The development offers a unique institutional quality management for the Scott & # 39; s Addition sub-market and will offer a new level of hospitality to both locals and transplant recipients.
"With the help of our friends at HCM and ARCHITECTUREFIRM, our project will pay tribute to the industrial history of Scott & # 39; s Addition and provide contemporary and contemporary living for current and future residents," commented George Hayward, Senior Director at Greystar.
The property offers a choice of one, two, three and three bedroom studios ranging in size from 550 to 1,500. The retail space consists of a collection of restaurants and beverage outlets that make this community both a brand new home and a hangout for anyone looking to have a meal or drink in a thriving area of Richmond. Although no specific tenants have been announced, the retail mix will include local suppliers and restaurateurs and is designed to showcase the best of the burgeoning Richmond culinary scene and complement the existing facilities that brought about the revitalization of Scott & # 39; s Addition.
