Capital Square Breaks Ground on Opportunity Zone Project in Richmond, Virginia
August 18, 2020
The development division of Capital Square, a sponsor of tax-advantaged real estate investments, and its construction partners broke ground on Scott’s Collection I, a mixed-use multifamily development in the Scott’s Addition designated opportunity zone in Richmond, Virginia.
Louis Rogers, Capital Square founder and chief executive officer, described the Scott’s Addition neighborhood where the development is taking place as “hip” and stated that, “In spite of a global pandemic, Capital Square is on schedule and under budget, with favorable construction financing in place.”
Scott’s Collection I is a single-structure, ground-up development that will include a five-story, Class A multifamily community with 80 units, balconies and a lobby area. The development is situated on approximately 0.54 acres of land and will include a 3,700-square-foot courtyard and 65-70 onsite parking spaces.
Scott’s Collection I is the first in a group of three developments that will make up Scott’s Collection. CSRA Opportunity Zone Fund I LLC, an opportunity zone fund launched by Capital Square in July 2019, raised equity to begin the development.
Assisting with the development are architecture firm 510 Architects; G Greystar Property Management; M&T Bank, which provided the construction loan financing; and construction company Urban Core Construction.
Conceived as part of the Tax Cuts and Jobs Act of 2017, opportunity zones were created to stimulate long-term private investments in low-income urban and rural communities nationwide by providing potentially significant tax benefits to investors.
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