The Richmond City Council has granted Capital Square approval to develop a mixed-use apartment community and luxury hotel in the designated opportunity zone of Scott’s Addition. This project will be funded through Capital Square’s CSRA Opportunity Zone Fund IX, LLC, which aims to raise $77 million from accredited investors. Construction is expected to begin in summer 2025.
Located at 1600 Roseneath Road, the 2.18-acre property will include approximately 220 traditional apartments and 100 furnished luxury hotel rooms. It is conveniently situated near numerous businesses and restaurants, including a large Whole Foods store and a GRTC Pulse transit station.
This marks Capital Square’s fifth fully subscribed opportunity zone fund for projects in Scott’s Addition area alone. In total, the company has developed or is currently developing over 1,230 multifamily units and retail space totaling over40 ,000 square feet within this neighborhood.
