Capital Square Receives Zoning Approval for Mixed-Use Apartment and Hotel Project in Richmond, Virginia
Capital Square Receives Zoning Approval for Mixed-Use Apartment and Hotel Project in Richmond, Virginia
RICHMOND, Va., Aug. 19, 2024 /PRNewswire/ -- Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and an active developer and manager of multifamily communities, announced today that the Richmond City Council has granted zoning approval to develop an eight-story mixed-use apartment community and luxury hotel in the Scott's Addition designated opportunity zone in Richmond, Virginia.
Capital Square是全国领先的挑战性不动产投资的赞助商之一,也是多住宅社区的活跃开发者和管理员之一。今天宣布,里士满市议会已经批准发展位于弗吉尼亚州里士满斯科特附近的指定机会区内的八层混合使用的公寓社区和豪华酒店的建设。
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 summer 2025.
这个开发项目将通过Capital Square的CSRA Opportunity Zone Fund IX,LLC资助,该基金是一个专门的机会区基金,旨在从认可的投资者那里筹集大约7700万美元的股本。施工计划于2025年夏季开始。
"Major developments like this require efficient regulatory processes and support from many stakeholders," said Natalie Mason, executive vice president, co-head of development of Capital Square. "We were pleased to achieve zoning approval for this transformative project. We are grateful for the city of Richmond's planning staff, the Planning Commission and city councilmembers for their timely review and approval of the new mixed-use development."
Capital Square开发总监兼执行副总裁Natalie Mason表示:“像这样的重大开发项目需要高效的监管程序和来自众多利益相关者的支持。我们很高兴获得这个变革性项目的区域审批。感谢里士满市的规划工作人员,规划委员会和市议会议员及时审查和批准了这个新的混合使用开发项目。”
Located at 1600 Roseneath Road at the "main and main" intersection of Scott's Addition, the 2.18-acre property will feature approximately 220 traditional apartment units and 100 furnished luxury hotel rooms. The property is within walking distance of a large concentration of popular breweries, farm-to-table restaurants with award-winning chefs, small businesses, lifestyle amenities and museums, including the Virginia Museum of Fine Arts, Science Museum of Virginia and Virginia Museum of History and Culture. Broad Street, with numerous services and amenities, including a full-service, 47,000-square-foot Whole Foods and a GRTC Pulse rapid transit station, is within blocks of the project.
此物业位于Scott's Addition的“主干道”Roseneath Road 1600号,占地2.18英亩,将设有约220个传统公寓单位和100间豪华酒店客房。该物业距离许多受欢迎的啤酒厂,米其林星级餐厅,小型企业,生活方式设施和博物馆,包括弗吉尼亚美术馆,弗吉尼亚科学博物馆和弗吉尼亚历史文化博物馆都在步行范围之内。许多服务和设施,包括全方位服务的整个食品47,000平方英尺,以及一个GRTC脉冲快速公交车站的Broad Street,距离项目仅几个街区之遥。
"We are very pleased with the City Council's approval of this development, which will further accelerate the transformation of Scott's Addition," said Whitson Huffman, co-chief executive officer. "As Capital Square's sixth development in Scott's Addition, this project will fill a large void in the neighborhood, which is in need of hospitality venues to meet the growing demand from visitors to Richmond seeking accommodations near the city's most vibrant neighborhood."
Whitson Huffman,co-CEO表示:"我们非常满意市议会批准这项开发,它将进一步推动斯科特附近的转型。作为Capital Square在斯科特附近第六个开发项目,该项目将填补社区中一个巨大的空缺,即需要款待客人的场所,以迎接寻求在最活跃的社区附近住宿。
Directly adjacent to the property is The Otis, a 350-unit mixed-use multifamily development that received the 2024 CoStar Impact Award for multifamily development of the year. Located at the intersection of two main thoroughfares in Scott's Addition, The Otis is a six-story, Class A multifamily community that offers a combination of studio, one-, two- and three-bedroom apartment units with bespoke kitchen and bathroom finishes, one-of-a-kind community spaces and approximately 13,000 square feet of retail.
该物业紧邻The Otis,这是一个350单位的混合使用多住宅开发项目,获得了2024年CoStar年度最具影响力的多住宅开发奖。The Otis位于Scott's Addition的两条主要道路交汇处,是一个六层的A级多住宅社区,提供一系列工作室,一居,两居和三居公寓单元,拥有私人厨房和浴室设施,独特的社区空间和约13,000平方英尺的零售空间。
Capital Square also fully subscribed four other opportunity zone funds to develop projects in Scott's Addition, including 352 apartment units at 2950 W. Marshall Road, and Scott's Collection I, II and III – each featuring a single-structure, ground-up development of Class A multifamily communities ranging in size from 60 to 80 units. In total, Capital Square has delivered, or is in the process of developing, over 1,230 multifamily units and 40,000 square feet of retail space within the Scott's Addition opportunity zone.
Capital Square还完全订阅了其他四个机会区基金,以在Scott附近开发项目,包括2950 W. Marshall Road的352个公寓单元,以及Scott's Collection I,II和III - 每个都具有结构单一的,从60到80个单位不等的A级多住宅社区的开发。总体而言,Capital Square在Scott's Addition机会区内交付或正在开发超过1,230个多住宅单元和40,000平方英尺的零售空间。
Capital Square is one of the most active developers of opportunity zone-funded multifamily projects in the country, having invested more than $230 million in equity in the last five years towards the construction of eight developments, totaling over 1,600 residential units and 40,000 square feet of retail. Four developments, totaling 600 units, are located in Scott's Addition and have been delivered and stabilized, having returned over $20 million to date to investors in net proceeds from refinancings.
Capital Square是全国最活跃的机会区基金多住宅项目开发商之一,过去五年已经投资了超过2.3亿美元的股本用于八个开发项目的建设,总计超过1,600个住宅单元和40,000平方英尺的零售空间。其中,四个开发项目,共计600个单元,位于斯科特附近,已交付并稳定,从再融资中返还了超过2,000万美元的投资者净收益。
Opportunity zones were created to stimulate long-term private investments in low-income urban and rural communities nationwide. 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.
机会区是为了刺激全国低收入城市和农村社区的长期私人投资而创造的。作为2017年税收削减和就业法案的一部分,机会区基金旨在通过提供税收优惠来鼓励私人投资指定机会区域的经济增长。
About Capital Square
Capital Square is a vertically integrated national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges, qualified opportunity zone funds for tax deferral and exclusion and a real estate investment trust (REIT). The company is also an active developer and manager of multifamily communities. Since 2012, Capital Square has completed more than $7.8 billion in transaction volume. Capital Square's mixed-used development projects total over 2,000 apartment units with a total development cost in excess of $790 million, and Capital Square Living, the firm's property management division, now manages over 7,000 apartments across multiple states. 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. Recognized by Inc. 5000 as one of the fastest growing companies in the nation for seven consecutive years, Capital Square raises capital, buildings and expectations. Learn more at CapitalSq.com.
关于方正证券
方正证券是一家垂直整合的全国性房地产公司,专门从事税收优惠的房地产投资,包括用于第1031条交换的特拉华州法定信托、用于税收递延和排除的合格机会区基金和房地产投资信托(REIT)。该公司也是多户公寓社区的积极开发者和管理者。自2012年以来,方正证券完成了超过78亿美元的交易量。方正证券的八个最新混合用途开发项目总共包括约2000个公寓单元,总开发成本超过5.9亿美元,方正证券住宅,该公司的物业管理部门,现在在多个州管理着超过70个公寓。方正证券的相关实体为越来越多的高净值投资者、私人股权公司、家族办公室和机构投资者提供一系列的服务,包括尽职调查、收购、贷款、房产/资产管理和处置。作为连续七年成长最快的公司之一,被《Inc.》 5000评选为全国最快增长的公司之一,Capital Square提高了资本、建筑和期望。请访问CapitalSq.com了解更多信息。
Capital Square是一家垂直整合的全国房地产公司,专门从事税收优惠的房地产投资,包括Delaware的法定信托,用于第1031条的交换,用于税收推迟和免除的机会区基金以及一个房地产投资信托(REIT)。该公司还是一家活跃的多功能社区的开发和管理公司。自2012年以来,Capital Square已经完成了超过78亿美元的交易额。Capital Square的综合开发项目总共有超过2,000个公寓单元,总开发成本超过7.9亿美元,而Capital Square Living公司,该公司的财产管理部门,现在在多个州管理着超过7,000个公寓。Capital Square的相关实体为越来越多的高净值投资者、私人股权公司、家族办公室和机构投资者提供一系列服务,包括尽职调查、收购、贷款申请、财产/资产管理和处置。连续七年被《Inc. 5000》认定为全国增长最快的公司之一,Capital Square筹集资金,建造和期望值。了解更多信息,请访问CapitalSq.com。
Disclaimer: Securities offered through WealthForge Securities, LLC, Member FINRA/SIPC. Capital Square and WealthForge Securities, LLC are separate entities. There are material risks associated with investing in DST properties and real estate securities including illiquidity, tenant vacancies, general market conditions and competition, lack of operating history, interest rate risks, the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and multifamily properties, short term leases associated with multifamily properties, financing risks, potential adverse tax consequences, general economic risks, development risks, long hold periods, and potential loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, returns and appreciation are not guaranteed. IRC Section 1031 is a complex tax concept; consult your legal or tax professional regarding the specifics of your particular situation. This is not a solicitation or an offer to see any securities. Please read the Private Placement Memorandum (PPM) in its entirety, paying careful attention to the risk section prior to investing. Private placements are speculative. Diversification does not guarantee profits or protect against losses. FINRA Broker Check link: .
免责声明:证券通过WealthForge Securities,LLC提供,成员FINRA/SIPC。Capital Square和WealthForge Securities,LLC是两个独立的实体。投资DSt房产和房地产证券以及投资有实质性风险,包括流动性、租户空置率、整体市场状况和竞争、缺乏运营历史、利率风险、新供应可能上市,出租率软化,拥有/运营商业和多户物业的一般风险、短期租赁与多户物业有关的租赁、融资风险、潜在不利的税收后果、一般经济风险、发展风险、长期持有期限和可能的全部投资本金亏损。过往业绩不预示未来结果。潜在现金流、回报和增值不得保证。IRC第1031节是一个复杂的税收概念;请咨询您的法律或税务专业人员了解您特定情况的细节。这不是一份招揽或提供任何证券的要约。请仔细阅读私募配售备忘录(PPM)的全部内容,特别注意在投资前的风险部分。私人配售是有风险的。分散不保证获利或防止亏损。FINRA Broker Check 链接:。
Contact: |
Jill Swartz |
Spotlight Marketing Communications |
|
949-427-1389 |
|
[email protected] |
联系方式: |
Jill Swartz |
Spotlight Marketing Communications |
|
949-427-1389 |
|
[email protected] |
SOURCE Capital Square
SOURCE Capital Square