National real estate firm Capital Square has broken ground on Scott’s Collection II, a 60-unit, mixed-use multifamily development in the Scott’s Addition qualified opportunity zone in Richmond, VA.

Located at 2900 – 2904 West Clay St., Scott’s Collection II is a single-structure, ground-up development that will include a five-story, Class A multifamily community with 60 units, private unit balconies and a lobby area. Situated on nearly half an acre of land, the project will feature a wood-framed building situated above a concrete podium and 50-55 onsite parking spaces. Scott’s Addition is a historic area that is now the City of Richmond’s fastest growing neighborhood and the second-highest performing market with 97.5% occupancy.

“Capital Square’s management team could have panicked when the pandemic hit, but, instead, we redoubled our commitment to the firm and our investors,” said Louis Rogers, CEO at Capital Square. “In spite of the pandemic, Capital Square had a record-breaking 2020, with five qualified opportunity zone funds and a number of other real estate developments in production.”