Capital Square Breaks Ground on Second Opportunity Zone Project in Richmond, Virginia
January 27, 2021
The development division of Capital Square, a leading sponsor of tax-advantaged real estate investments, and its construction partners broke ground on Scott’s Collection II, a 60-unit, mixed-use multifamily development in the Scott’s Addition qualified opportunity zone in Richmond, Virginia.
“Capital Square’s management team could have panicked when the pandemic hit, but, instead, we redoubled our commitment to the firm and our investors,” said Louis Rogers, founder and chief executive officer of Capital Square. “In spite of the pandemic, Capital Square had a record-breaking 2020, with five qualified opportunity zone funds and a number of other real estate developments in production.”
Located at 2900 – 2904 West Clay St., Scott’s Collection II is a single-structure, ground-up development that will include a five-story, Class A multifamily community with 60 units, private unit balconies and a lobby area. Situated on 0.42 acres of land, Scott’s Collection II will feature a wood-framed building situated above a concrete podium and 50-55 onsite parking spaces.
“This is the second building in our ‘Scott’s Collection’ portfolio,” said Adam Stifel, executive vice president of development. “We are very proud to have moved forward as planned, having locked in construction pricing and closed on financing in the midst of a pandemic. It really speaks to the strength of this submarket and the commitment of our team to work through adversity.”
Scott’s Collection II is the second in a group of three developments that will make up “Scott’s Collection” in Scott’s Addition. The development of Scott’s Collection II is the direct result of CSRA Opportunity Zone Fund II, LLC, a project-specific opportunity zone fund launched by Capital Square in December 2019.
Assisting in the development of Scott’s Collection II are 510 Architects, the architecture firm; Greystar Property Management; Fulton Bank, which provided the construction loan financing; and Urban Core Construction, the construction company for the ground-up development.
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