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Capital Square has been granted zoning approval by the Richmond City Council to develop an eight-story mixed-use apartment community and luxury hotel in the Scott’s Addition designated opportunity zone in Richmond, Virginia.
The development will be funded with proceeds from Capital Square’s CSRA Opportunity Zone Fund IX, LLC, a project-specific opportunity zone fund seeking to raise approximately $77 million in equity from accredited investors. Construction is slated to begin in the summer of 2025.
Located at 1600 Roseneath Road, the 2.18-acre property will feature approximately 220 traditional apartment units and 100 furnished luxury hotel rooms. The property is near a large concentration of businesses and restaurants, including a 47,000-square-foot Whole Foods and a GRTC Pulse transit station.
Capital Square also fully subscribed to four other opportunity zone funds to develop projects in Scott’s Addition. In total, the firm has delivered or is in the process of developing over 1,230 multifamily units and 40,000 square feet of retail space within the area.
