Capital Square Tops Out Virginia Community
- Jun 24, 2021
Capital Square has topped out on Scott’s Collection I, the first of its trio of multifamily developments in a Richmond, Va., opportunity zone. The developer and the general contractor UrbanCore Construction is expecting to complete the ground-up project by January 2022 after starting construction in August 2020.
The 80-unit Scott’s Collection I will offer studios, one- and two-bedroom floorplans that range in size from approximately 550 to 1,250 square feet. Designed by 510 Architects, the five-story community will also share its amenities, which include a pool, gym, co-working lounge, club room, dog wash, pet spa and fire pits, with the two other communities within Scott’s Collection that are currently under construction.
Located at 3000-3008 W. Clay St., Scott’s Collection I is situated in a designated opportunity zone within the Scott’s Addition Historic District. The area has seen a wave of revitalization in recent years and has become a local hub for breweries, cideries, meaderies and distilleries.
Louis Rogers, founder & CEO of Capital Square, said in prepared remarks that Scott’s Collection I was on schedule and on budget despite the pandemic. Rogers also said in his prepared statement that the community will take part in the revitalization of the Scott’s Addition opportunity zone geared at bringing economic growth and job creation.
TRIO OF COMMUNITIES
Capital Square is also working on the other two communities that make up Scott’s Collection. The developer broke ground on Scott’s Collection II in January 2021 after having secured an undisclosed amount of funding from Fulton Bank in October. Capital Square is expecting to complete the 60-unit community with approximately 2,100 square feet of ground-floor retail in April 2022.
For the final portion of the collection, Capital Square broke ground on the 72-unit Scott’s Collection III in May for an expected completion in September 2022. Separate from Scott’s Collection but still within the Scott’s Addition opportunity zone, the developer also partnered with Greystar in January to acquire 2.3 acres of land to develop a 350-unit community with ground-floor retail space.