RICHMOND, Va., Aug. 17, 2020 /PRNewswire/ — 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 I, a ground-up, mixed-use multifamily development in the Scott’s Addition designated opportunity zone in Richmond, Virginia.
«Capital Square is thrilled to break ground on its first opportunity zone development in Scott’s Addition, a hip live, work and play neighborhood in Richmond, VA,» said Louis Rogers, founder and chief executive officer of Capital Square. «In spite of a global pandemic, Capital Square is on schedule and under budget, with favorable construction financing in place.»
Located at 3000 – 3008 West Clay St., Scott’s Collection I is a single-structure, ground-up development that will include a five-story, Class A multifamily community with 80 units, private balconies and a lobby area. Situated on approximately 0.54 acres of land, Scott’s Collection I will feature a 3,700-square-foot, elevated courtyard and 65-70 onsite parking spaces. The corner-lot property has unobstructed views of the Scott’s Addition neighborhood and downtown Richmond.
«I am excited to welcome Capital Square to Scott’s Addition,» said Richmond City Councilwoman Kim B. Gray. «The recent groundbreaking represents a unique opportunity for a dynamic mixed-use project in one of Richmond’s hottest neighborhoods.»
Established in 1901, Scott’s Addition is a historic area that is now the City of Richmond’s fastest-growing neighborhood and the second-highest-performing market with an approximately 98% occupancy, according to Yardi Matrix. Scott’s Addition is a designated opportunity zone. According to Yardi Matrix, Scott’s Addition’s apartment rental rates are projected to increase 3% to 4% per year for five years between 2020 and 2024.
«I am extremely proud of the Capital Square development team and our project partners, 510 Architecture, Markham Planning and Sekiv Solutions, for their hard work that has led us to the Scott’s Collection I groundbreaking,» said Adam Stifel, executive vice president of development. «We appreciate our relationship with M&T Bank and their support of Capital Square as we work to deliver a truly unique, Class A product to Scott’s Addition. We also look forward to our continued work with Urban Core Construction, Greystar Property Management and Merrick Towles Creative to bring our collective vision to life.»
Scott’s Collection I is the first in a group of three developments that will make up «Scott’s Collection» in Scott’s Addition. Stifel added, «Each development within Scott’s Collection will have its own personality, but as part of a family of buildings, our tenants can share the experience and amenities the other properties have to offer. We believe that the level of finish and thoughtful design will set these communities apart to future renters in Scotts Addition.»
Stifel, who leads the Scott’s Collection development team, is joined in the project by Capital Square’s Jake Baum, development manager; Victoria Coates, acquisitions associate; Michael Ollinger, vice president, construction management; and Jorge Figueiredo, vice president of acquisitions and asset management.
The development of Scott’s Collection I is the direct result of CSRA Opportunity Zone Fund I, LLC, a project-specific opportunity zone fund launched by Capital Square in July 2019. The opportunity zone fund raised equity to begin the development of the project.
Assisting with the development of Scott’s Collection I are 510 Architects, the architecture firm; G Greystar Property Management; M&T Bank, which provided the construction loan financing; and Urban Core Construction, the construction company for the ground-up development.
Opportunity zones were created to stimulate long-term private investments in low-income urban and rural communities nationwide, along with certain contiguous areas. Conceived as part of the Tax Cuts and Jobs Act of 2017, opportunity zone funds are intended to help foster economic growth by providing tax benefits to incentivize private investments in designated opportunity zones.
About Capital Square
Capital Square is a national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges and qualified opportunity zone funds for tax deferral and exclusion. To date, Capital Square has completed more than $2 billion in transaction volume. Capital Square’s executive team has decades of experience in real estate investments. Its founder, Louis Rogers, has structured hundreds of investment offerings totaling in excess of $5 billion. Capital Square’s related entities provide a range of services, including due diligence, acquisition, loan sourcing, property/asset management, and disposition, for a growing number of high net worth investors, private equity firms, family offices and institutional investors. In 2017, 2018 and 2019, Capital Square was awarded by Inc. 5000 as one of the fastest growing companies. In 2017 and 2018, the company was also ranked on Richmond BizSense’s list of fastest growing companies. In 2019, Capital Square was listed by Virginia Business on their «Best Places to Work in Virginia» and «Fantastic 50» reports. To learn more, visit www.CapitalSquare1031.com.
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SOURCE Capital Square