Capital Square breaks ground on latest 3-building apartment project in Scott’s Addition

capital square chasen rendering1

A rendering of two of the project’s three planned buildings. (Courtesy Capital Square)

Construction on one of the largest new apartment developments in Scott’s Addition is now underway. 

Henrico-based Capital Square has begun demolition work on the former N. Chasen & Son complex at 2929 W. Clay St. and 2922-2925 W. Marshall St., where it’s building a trio of connected 7-story buildings totaling 352 apartments on the 3-acre site. 

The project has been in the works for around two years, since Capital Square went under contract in 2021 to buy the 3-acre site from N. Chasen & Son, a local painting contractor that had been in Scott’s Addition since the 1970s. Capital Square had initially partnered on the project with Lerner Enterprises, the development wing of the Lerner family that owns the Washington Nationals. However, Lerner pulled out of the deal last year, setting up Capital Square to go it alone and buy the site for just shy of $11 million.

  1. N. Chasen & Son, meanwhile, is relocating to a facility near the Midlothian Turnpike-Chippenham Parkway interchange. 
capital square chasen site

The former Boulevard Baptist Church at 2944 W. Marshall St. has been razed to make way for the new development. (Mike Platania photo)

Among the first buildings to be razed on the Scott’s Addition Chasen site was the former Boulevard Baptist Church building at 2944 W. Marshall St. Adam Stifel, Capital Square’s chief development officer, said the remaining buildings are slated to come down soon. 

Planned amenities for the apartment buildings include a two-level parking deck, sky lounge and zero-edge pool. About 5,300 square feet of commercial space is also planned to be part of the development. 

“It could be for one or two tenants,” Stifel said of the commercial space. “And we’d love to have a restaurant.”

Construction is scheduled to be completed in spring 2025. Poole & Poole Architecture is the project architect, Timmons Group the engineer, Hourigan Construction the general contractor, ENV the interior designer and Marvel Designs the landscape architect.  

As work gets going on the Chasen site, Stifel said that Capital Square has another deal lined up in the neighborhood, but that he couldn’t divulge further details. 

“I think we’ve got plenty of runway in Scott’s Addition … I think we’ve got a couple more in us,” Stifel said. “We’ve got (the Chasen project) and another large one that we’re not ready to announce yet. Those’ll be the last two big ones in Scott’s Addition for the time being.”

capital square chasen rendering2

The three apartment buildings are set to span three acres in Scott’s Addition.

Stifel said Capital Square’s other developments in the neighborhood, such as The Otis at 1601 Roseneath Road and Scott’s Collection, are approaching the finish line and leasing up. He said about half of their tenants are folks moving to Richmond from places including Northern Virginia. 

“It continues to impress me how quickly lease-ups happen and the rates that we’re getting,” Stifel said, noting that they’re seeing their new apartments in Scott’s Addition rent for around $2.67 per square foot. 

“We just haven’t seen a slowdown in the amount of people moving to this area,” he said. 

While rising interest rates have made financing new developments more challenging, Stifel said the Chasen project was never at risk of being slowed down. 

“There was never going to be a pause on this one. Ultimately, this one still pencils great because of the escalation of rental rates and how quickly things are absorbing in Scott’s Addition and how many people are moving to Richmond,” he said. “While other deals may have been put on pause, this one is ready to go.”

capital square chasen rendering1

A rendering of two of the project’s three planned buildings. (Courtesy Capital Square)

Construction on one of the largest new apartment developments in Scott’s Addition is now underway. 

Henrico-based Capital Square has begun demolition work on the former N. Chasen & Son complex at 2929 W. Clay St. and 2922-2925 W. Marshall St., where it’s building a trio of connected 7-story buildings totaling 352 apartments on the 3-acre site. 

The project has been in the works for around two years, since Capital Square went under contract in 2021 to buy the 3-acre site from N. Chasen & Son, a local painting contractor that had been in Scott’s Addition since the 1970s. Capital Square had initially partnered on the project with Lerner Enterprises, the development wing of the Lerner family that owns the Washington Nationals. However, Lerner pulled out of the deal last year, setting up Capital Square to go it alone and buy the site for just shy of $11 million.

  1. N. Chasen & Son, meanwhile, is relocating to a facility near the Midlothian Turnpike-Chippenham Parkway interchange. 
capital square chasen site

The former Boulevard Baptist Church at 2944 W. Marshall St. has been razed to make way for the new development. (Mike Platania photo)

Among the first buildings to be razed on the Scott’s Addition Chasen site was the former Boulevard Baptist Church building at 2944 W. Marshall St. Adam Stifel, Capital Square’s chief development officer, said the remaining buildings are slated to come down soon. 

Planned amenities for the apartment buildings include a two-level parking deck, sky lounge and zero-edge pool. About 5,300 square feet of commercial space is also planned to be part of the development. 

“It could be for one or two tenants,” Stifel said of the commercial space. “And we’d love to have a restaurant.”

Construction is scheduled to be completed in spring 2025. Poole & Poole Architecture is the project architect, Timmons Group the engineer, Hourigan Construction the general contractor, ENV the interior designer and Marvel Designs the landscape architect.  

As work gets going on the Chasen site, Stifel said that Capital Square has another deal lined up in the neighborhood, but that he couldn’t divulge further details. 

“I think we’ve got plenty of runway in Scott’s Addition … I think we’ve got a couple more in us,” Stifel said. “We’ve got (the Chasen project) and another large one that we’re not ready to announce yet. Those’ll be the last two big ones in Scott’s Addition for the time being.”

capital square chasen rendering2

The three apartment buildings are set to span three acres in Scott’s Addition.

Stifel said Capital Square’s other developments in the neighborhood, such as The Otis at 1601 Roseneath Road and Scott’s Collection, are approaching the finish line and leasing up. He said about half of their tenants are folks moving to Richmond from places including Northern Virginia. 

“It continues to impress me how quickly lease-ups happen and the rates that we’re getting,” Stifel said, noting that they’re seeing their new apartments in Scott’s Addition rent for around $2.67 per square foot. 

“We just haven’t seen a slowdown in the amount of people moving to this area,” he said. 

While rising interest rates have made financing new developments more challenging, Stifel said the Chasen project was never at risk of being slowed down. 

“There was never going to be a pause on this one. Ultimately, this one still pencils great because of the escalation of rental rates and how quickly things are absorbing in Scott’s Addition and how many people are moving to Richmond,” he said. “While other deals may have been put on pause, this one is ready to go.”

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Victoria Woodhull
Victoria Woodhull
11 months ago

This article does not mention the number of parking spots in the 2-story parking garage. I am sure the businesses will want some sort of parking available for their customers. Street jungle parking is already becoming an issue in Scott’s Addition, and this developer is adding another 350-700 cars to an already crowded area. Forcing tenants to be frustrated with parking will not reduce the number of cars people drive, it will eventually drive people out of the areas where there is little to no convenient parking.

David Adler
David Adler
11 months ago

Great recent book on the subject of parking:
https://www.goodreads.com/en/book/show/63329951

Victoria Woodhull
Victoria Woodhull
11 months ago
Reply to  David Adler

Most respectfully David, you first. How about you give up your car in Richmond, and I will maintain my “pathological compulsion for car storage” Have you ever dealt for years with jungle street parking DAILY – where you circle your block a couple of times hoping someone leaves? How many years did you live in a home where there was ONLY public street parking for you? How many years did you deal with city street parking where people do not know how to parallel park, so they take up 2 parking spots in an area where parking is at a… Read more »

David Adler
David Adler
11 months ago

Never the less it is a very interesting book.

David Humphrey
David Humphrey
11 months ago

Where in the world do you get 700 cars from? You state that like a fact and not an opinion. So, wondering where you get that “fact” from other than doubling the number of units, which really does not work since one bedroom and studio apartments don’t generate that. Believe it or not, but many people do move to this area because they do not want to use a car as much as is needed in a suburban setting. Living here they can walk, bike, or take public transit to entertainment, services and offices.

Victoria Woodhull
Victoria Woodhull
11 months ago
Reply to  David Humphrey

David – If you have over 350 apartments, UP TO 700 people may live in these apartments. Not all will be studios with one person, one car. Most people have a roommate or partner – which means multiple vehicles per unit.

You at least admit these tenants WILL have a car, and I agree, most city dwellers walk – but they STILL have a car they need to park somewhere.

Bruce Milam
Bruce Milam
10 months ago

The average needed spaces per unit is 1.1-1.2. That’s verifiable.

Victoria Woodhull
Victoria Woodhull
10 months ago
Reply to  Bruce Milam

So sorry – I meant to say If you have over 350 apartments, it is verified that UP TO 420 parking spaces are needed.

Lucas de Block
Lucas de Block
7 months ago
Reply to  David Humphrey

If you’re a couple living here, you probably would only want 1 car anyways.

John Gerencser
John Gerencser
11 months ago

It is amazing that we developed a society where cars have precedence over people generally, pedestrians specifically. Mass transit has been stigmatized as for poor people only. I live in Europe, (25+ years now) and I will ride trams and the metro, but still avoid buses if possible, so I can verify that I was indoctrinated to this point of view during my youth in Richmond.. Granted the bus companies themselves, especially GRTC do a horrible job connecting people to their jobs. But it is not only GRTC, it is the counties vs. the city. The animus and distrust is… Read more »

Victoria Woodhull
Victoria Woodhull
11 months ago
Reply to  John Gerencser

A very thoughtful post! I love urban living, but again, not without a car. My perspective is from a person who loves cars, and loves the spontaneous freedom car ownership provides.

Justin Reynolds
Justin Reynolds
11 months ago

Victoria, no one is taking your right to a car away from you. However, it’s about time car owners pony us their portion of the expense. In today’s model, many car expenses do not stay with the car owner (cost of parking and road maintenance for example). Thankfully the city is changing it.

Victoria Woodhull
Victoria Woodhull
11 months ago

Agreed – all I am saying is that the parking should be part of the rent. Tenants may put up with parking difficulties for one year maybe 2), but most will not pay over $2k for an apartment to constantly be fighting for street parking near their abode.

Justin Reynolds
Justin Reynolds
11 months ago

If it’s part of the rent then that means non-car owners subsidize car owners, which is bad. Anything close to the Pulse really doesn’t need a car today.

Victoria Woodhull
Victoria Woodhull
11 months ago

Who said anything about subsidize? Why not make parking assigned to only tenants who purchase an “add on” for a parking space, just like it is an “add on” at some apartments to have in house laundry?

Peter James
Peter James
10 months ago
Reply to  John Gerencser

💯

Spot on,John! I could not have said it better myself. I agree with you on all points.

Last edited 10 months ago by Peter James
Shawn Harper
Shawn Harper
11 months ago

BRAVA Ms. Woodhull! That is an impressive amount of net downvotes — may beat my record! Yes. One of the reasons I chose a city like Richmond to move to instead of say Philly is that cities like Richmond had ALL of the things I wanted from a city and very little of things I did not. I had friends who had moved from Manhattan to Brooklyn in circa 2000 and parking had gone for them from impossible to highly hassled. Hard to find a place, only rich people had a dedicated spot, and once you found a place, you… Read more »

Victoria Woodhull
Victoria Woodhull
10 months ago
Reply to  Shawn Harper

Thank you Shawn! Ha! I’m pretty competitive, so hopefully, I will maintain the highest negative ratio (-64)! As you can see – my self esteem/confidence is super human! Ha!

Jerel C Wilmore
Jerel C Wilmore
10 months ago

I gave up my car in August 2019 and never looked back. I live within a few blocks of several grocery stores, PULSE, and there’s always delivery.

Victoria Woodhull
Victoria Woodhull
10 months ago

Good for you! I’m glad you have the monies to UBER or have everything delivered. Please try to remember when the last time was that you may have relied on a “friend with a car”…… But on the other hand – at least you are walking the walk so to speak.

Geraldine Person
Geraldine Person
11 months ago

I grew up in Scott’s addition also known as Boulevard Heights. I lived on Leigh Street. They are a few houses still there where we lived. It all looks beautiful and it brings back many memories.

Shawn Harper
Shawn Harper
11 months ago

Wow! Rare bird!

Peter James
Peter James
10 months ago

Ms. Person – I didn’t know Scott’s was also known as Boulevard Heights – how amazing! My father (may his memory be for a blessing) worked for and later managed a printing company on Leigh Street a few blocks west of the houses you mentioned. He first started working there in 1946 when he returned from the service — he was a World War II combat veteran and fought in Europe. He finally retired after 45 years with the company in 1991 (he passed away in 1997). When I was growing up in the late ’60s and into the ’70s,… Read more »

Louise Starke
Louise Starke
11 months ago

Another development with no green space! Large concrete buildings and paved surfaces without natural outside areas translate to a less attractive city that is hotter in the summer and colder in the winter. The abysmal lack of urban planning is short-sighted and detrimental to Richmond’s future.

Justin Reynolds
Justin Reynolds
11 months ago
Reply to  Louise Starke

If you consider what an acre of property sells for in Scott’s Addition, it’s hard to justify a green space. Although I completely agree with you SA needs a park in addition to the new one in front of the Children’s Museum.

Shawn Harper
Shawn Harper
11 months ago

I have said elsewhere that Scotts is overvalued RE.

Justin Ranson
Justin Ranson
10 months ago
Reply to  Shawn Harper

What a buyer is willing to pay determines value, so it’s difficult to call repetitive closed sales at a market rate “overvalued”

Charles Frankenhoff
Charles Frankenhoff
10 months ago
Reply to  Shawn Harper

it’s not though. It’s actually still cheap if you look at it. Not super super cheap anymore, just cheap. Just like much of Richmond city is compared to other cities

Charles Frankenhoff
Charles Frankenhoff
10 months ago
Reply to  Louise Starke

Scott’s Addition absolutely needs more green space. But parks are up to the city to provide.

It should buy some land and provide some before it gets too expensive.

Carl Schwendeman
Carl Schwendeman
11 months ago

I feel like Richmond is doing more action on building new housing supplies unlike other cities that give long winded lectures on afordible housing but never built anything. Pound Pound Richmond is very aggressive at turning parking lots into housing.
I hope they update the sidewalks in the area.

Victoria Woodhull
Victoria Woodhull
11 months ago

Nothing in SA is “affordable housing” unless the tenants are already on the voucher system, or section 8. Richmond is not building affordable housing – they are building MORE housing in order to increase the supply which should generally lower the cost of rents – but I’m not confident rents will lower – they may only stop rising.
I agree, new, flat, level sidewalks would be heaven…..

Carl Schwendeman
Carl Schwendeman
11 months ago

I notice that in places like LA they have all kinds of lectures and billion dollar housing programs for low income housing but I never see them build on the scale or the aggressivness that Richmond does were the region is able to crank out a 100 unit complex weekly. But in LA it’s not on the same scale as Richmond despite Richmond being so small.

Peter James
Peter James
10 months ago

Victoria: 100% agreed – flat, level sidewalks would, indeed, be heaven. To this day I still remember (as a kid) tripping on those uneven sidewalks just outside my dad’s office on Leigh Street, face-planting, skinning BOTH elbows, BOTH knees, my left hand, busting my lip, skinning my chin and somehow also my forehead. I was probably 10 at the time. If you can believe it – I didn’t cry. I think I was too stunned by the impact of hitting the deck! I remember going back inside and one of the employees almost fainted because I was so badly skinned… Read more »

Last edited 10 months ago by Peter James
Shawn Harper
Shawn Harper
11 months ago

Bravo!

Scott Brown
Scott Brown
10 months ago

These will be sold in 4 to 6 years after they are done. Then sold again in another 4 to 6 years.

Shawn Harper
Shawn Harper
10 months ago
Reply to  Scott Brown

Good! That means that Richmond is going to be very economically healthy these next years.

I had a friend whose uncle was a landlord in Schnectady, NY and he used to sell me used cars — he told me that he couldn’t GIVE away the single family homes he owned (economy bad + high RE taxes and a bad tenant population)

Charles Frankenhoff
Charles Frankenhoff
10 months ago
Reply to  Scott Brown

maybe. But why does that matter? In fact, that’s arguably best for the city as taxes paid will go up under that situation

Bruce Milam
Bruce Milam
10 months ago

The Otis is very nice. I suspect this one will be even nicer as this group finds room at the top of the market.

Charles Frankenhoff
Charles Frankenhoff
10 months ago
Reply to  Bruce Milam

the rents they are getting are surprising. But nice product. The “townhouses” are pretty cool.

Alison Farmer
Alison Farmer
10 months ago

By any standard, $2.67 per square foot is insanely expensive. Richmond Biz Sense, however, only seems to attract comments from a handful of out-of-touch wealthy people who are more concerned with virtue signaling about cars and trees.

Victoria Woodhull
Victoria Woodhull
10 months ago
Reply to  Alison Farmer

OMG – thank you for your comment!

Charles Frankenhoff
Charles Frankenhoff
10 months ago
Reply to  Alison Farmer

and it attracts people who are good at math, and interested in business! How odd for a site with “biz” in the name.

2.67 psf buying is quite cheap of course. land in the fan and md sells at more than 37 a square foot. So how do you get insanely expensive from something 95% cheaper?