Greystar and Capital Square, a sponsor of tax-advantaged real estate investments, have broken ground on a new 2.28-acre multifamily development at 1601 Rosenath, located in Richmond, Virginia’s Scott’s Addition neighborhood. Construction at the site began in December 2020, and an official groundbreaking ceremony was held April 15.
"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 neighborhoods," says Adam Stifel, executive vice president of development at Capital Square.
The 1601 Rosenath site will offer 350 apartment units and over 16,000 square feet of real estate once complete, located in the heart of a historically industrial neighborhood now home to a diverse mix of businesses and restaurants, according to the developer. "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 neighborhoods," says John Clarkson, managing director of the Mid-Atlantic region at Greystar.
Both the interior and exterior design, created in collaboration with Hord Coplan Macht and Richmond-based ARCHITECTUREFIRM, present a modern interpretation of the building’s industrial surroundings. The building will offer institutional quality management, akin to a “boutique hotel,” with expansive community programming and high-end amenities.
"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," says George Hayward, senior director at Greystar.
Units will include studios and one-, two-, and three-bedrooms ranging from 550 to 1,500 square feet in size. Retail tenants have not been announced, but will offer a mix of restaurants, including local establishments.