Construction has commenced on a multifamily development in Scott’s Addition neighbourhood of Richmond, Virginia, US.
Development firm Greystar and sponsor of tax-advantaged real estate investments Capital Square acquired a 2.28-acre parcel of land at 1601 Roseneath.
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 neighbourhoods.”
Situated at the corner of Roseneath and Moore Street, 1601 Roseneath will feature 350 apartment units with more than 16,000ft² of retail space.
Besides offering a ‘walkable scene’, the Scott’s Addition neighbourhood has a handful of active warehouses and home to a diverse mix of businesses and more than 40 food and beverage establishments.
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.”
Greystar teamed up with Hord Coplan Macht (HCM) and Richmond-based ARCHITECTUREFIRM for architecture and interior design, which is claimed to thoughtfully represent a modern interpretation of the neighbourhood’s industrial surroundings.
The six-storey development will blend seamlessly into the creative and historic surroundings and would give a feel of a boutique hotel offering high-end amenities and ample community programming.
Claimed to be providing institutional quality management to Scott’s Addition submarket, the mixed development scheme is expected to bring a new level of hospitality.
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 floorplan selection of studios, one, two and three-bedroom spaces.
The retail area is expected to host a collection of restaurants and beverage spots to make this scheme a thriving meeting place in the neighbourhood.