Capital Square breaks ground on class A multifamily development in qualified opportunity zone

Capital Square, a sponsor of tax-advantaged real estate investments and an active developer of multifamily communities, has broken ground on a 352-unit, class A multifamily development in Richmond, Va.

The development is situated in the Scott’s Addition neighborhood, a historic area known for its food, drink and entertainment amenities, and is located within a designated qualified opportunity zone. The community will include three seven-story adjoining multifamily buildings above podium parking with more than 5,350 square feet of ground-level retail space. Residents will be within walking distance of arts, cultural and lifestyle amenities in Scott’s Addition neighborhood, which contains more than 51 retail, dining and entertainment venues.

Capital Square has been the most active developer in Scott’s Addition since 2020. The company has constructed three class A multifamily communities in the area and is nearing completion of another — all within walking distanc