City Biz: Capital Square’s Chasen Development Earns Virginia Business Top Project Recognition

Capital Square’s recently completed Chasen apartment community in Richmond’s Scott’s Addition district has been named a 2026 Top Project by Virginia Business, highlighting the growing role of large-scale mixed-use residential development in the continued transformation of one of the region’s most active urban infill markets.

The recognition comes through the publication’s inaugural Virginia Top Projects & Real Estate Deals awards program, which honors significant development and construction projects across the Commonwealth based on design, execution and community impact.

Located at 2922 W. Marshall Street, Chasen delivered 352 apartment units across three interconnected six- and seven-story buildings, making it the largest multifamily development completed to date in Scott’s Addition. The project also includes more than 5,200 square feet of ground-floor retail space and a publicly accessible pocket park on a 2.45-acre urban infill site.

“Chasen builds upon the success we have achieved with our previous developments in Scott’s Addition, which has become one of the most dynamic new residential neighborhoods in the Richmond region,” said Natalie Mason, co-head of development at Capital Square.

The project reflects broader development patterns reshaping former industrial districts across secondary U.S. cities. Scott’s Addition has evolved over the past decade from a warehouse and manufacturing district into one of Richmond’s fastest-growing mixed-use neighborhoods, attracting multifamily development, adaptive reuse projects, breweries, restaurants and creative office tenants.

For developers, the appeal of neighborhoods like Scott’s Addition lies in their ability to support higher-density housing close to employment centers while leveraging existing infrastructure. As housing demand continues to outpace supply in many regional markets, urban infill projects have become an increasingly important component of multifamily development strategies.

Chasen began pre-leasing in December 2025 and received its final certificate of occupancy in April 2026. The development was partially financed through CSRA Opportunity Zone Fund VII, which raised approximately $65 million in equity from accredited investors. The project also illustrates the continuing use of Opportunity Zone capital for large-scale residential development in designated redevelopment districts.

According to an economic impact analysis by FTI Consulting, construction of Chasen supported approximately 643 jobs annually and generated an estimated $63.6 million in gross domestic product and $4.7 million in state and local tax revenue during the development phase.

“Delivering 352 units across three connected mid-rise buildings on a 2.45-acre infill site is a complex build, and the team executed it at a high level,” said Michael Ollinger, co-head of development at Capital Square.

The community includes a range of amenities that have become increasingly important in attracting renters to urban multifamily developments, including coworking facilities, a wellness studio, fitness center, golf simulator, rooftop terrace, resort-style pool and landscaped courtyards. The project also incorporates a rotating art gallery developed in partnership with VCUarts, reflecting a growing emphasis on neighborhood integration and placemaking within multifamily developments.

The project team included Poole & Poole Architecture, Timmons Group, Hourigan Construction, ENV, Marvel Designs, and United Bank, which provided construction financing.

The recognition arrives as Capital Square continues expanding its development activity in Scott’s Addition. The firm recently launched CSRA Opportunity Zone Fund IX to finance another multifamily project in the neighborhood, signaling continued confidence in Richmond’s urban housing market despite a more challenging capital markets environment.

Founded in 2012, Capital Square has completed more than $8.9 billion in transaction volume and manages a growing portfolio of multifamily, opportunity zone and 1031 exchange investments. Through its development and property management platforms, the company oversees more than 13,000 apartment units nationwide.