Capital Square Opens Chasen A Class A Community In Richmonds Scotts Addition Opportunity Zone

Capital Square has opened Chasen, a 352-unit, Class A multifamily community in Richmond, Virginia's Scott's Addition qualified opportunity zone. The project marks the firm’s fifth opportunity zone development completed in the neighborhood and expands its portfolio of mixed-use housing within walking distance of previous developments.

The developer hosted a grand opening that included Richmond Mayor Dr. Danny Avula, Richmond City Council member Katherine Jordan, Capital Square co-CEOs Louis Rogers and Whitson Huffman, and other partners and development team leaders. Attendees toured the residences and amenity spaces following remarks and a reception.

"The opening of Chasen represents another important milestone for Capital Square and for the continued evolution of Scott's Addition," said Whitson Huffman, co-chief executive officer and chief investment officer of Capital Square. "A testament to how opportunity zone legislation can transform both neighborhoods and investor outcomes, Chasen reflects our commitment to creating high-quality residential communities that elevate the urban living experience. With its luxury amenities and premium finishes, Chasen offers residents a sophisticated lifestyle while reinforcing Scott's Addition's position as one of Richmond's most dynamic and desirable neighborhoods."

Located in the heart of Scott's Addition, Chasen comprises three six- and seven-story residential buildings above podium parking and includes more than 5,350 square feet of ground-level retail. Units average 845 square feet and feature premium appliances, quartz countertops, tile backsplashes and luxury tile throughout. Community amenities include a resort-style zero-edge pool, fitness center, wellness studio, co-working space, dog wash station, resident lounges, courtyards with native Virginia landscaping and a rooftop terrace.

Capital Square has completed five Class A mixed-use multifamily communities in Scott's Addition since 2020: INK at Scott's Collection, VIV at Scott's Collection, GEM at Scott's Collection, Otis and Chasen. The development team for Chasen included Poole & Poole Architecture, Timmons Group, Hourigan Construction, interior designer ENV and Marvel Designs for landscape.

Chasen was funded with proceeds from CSRA Opportunity Zone Fund VII, LLC. Opportunity zone funds were established as part of the Tax Cuts and Jobs Act of 2017 to provide tax incentives for private investments in designated zones. Capital Square has also launched CSRA Opportunity Zone Fund IX, LLC to support construction of another luxury multifamily project in Scott's Addition.

Natalie Mason, co-head of development at Capital Square, added, "Scott's Addition has incredible energy, and Chasen puts residents right in the center of it all. From the local breweries and restaurants to the walkable streets and creative community, this neighborhood offers something truly unique. We're excited to give people the opportunity to live here and experience everything this area has to offer."

This opening highlights continued capital deployment into urban infill and the ongoing role of opportunity zone vehicles in funding Class A multifamily developments. For operators and investors, Chasen reinforces observable trends in amenity-led product and clustered neighborhood-scale development activity.