‘Novel’ project will add 275 apartments to Scott’s Addition
Thalhimer Realty Partners contributed land for Richmond development
Crescent Communities, ParkProperty Capital and Thalhimer Realty Partners are developing a 275-unit apartment community in a joint venture on the border of Richmond’s fast-growing Scott’s Addition neighborhood and the city’s planned Diamond District.
Dubbed “Novel Scott’s Addition,” the community will be located at the former Wesco Distribution Site at 2902 North Arthur Ashe Blvd. The units will be studios, one- and two-bedroom apartments and the top floor will have lofts. Most of the property will be five floors, with one wing rising to seven floors. The community will have a pool and pool deck, dining and gathering spaces including a fireside lounge, library, coworking rooms, dog park, spa, garden dining room, sky deck and resident speakeasy.
Construction will start this month and be completed by early 2024.
The apartment community site is located about 2.5 miles from downtown Richmond and across the street from the Diamond District, which the city government is in the process of selecting a company to redevelop into the new Diamond District. Thalhimer Realty Partners is part of Diamond Partners, one of the three teams of finalists competing for the redevelopment project.
Charlotte, North Carolina-based Crescent Communities will develop the project in partnership with Atlanta-based ParkProperty Capital, marking the latter company’s entry into the Richmond market. TRP N Blvd LLC, an entity controlled by Glen Allen-based Thalhimer Realty Partners, contributed the 3.17 acres of land to the joint venture, in a $6.7 million transaction. Other partners on the project include architecture firm KTGY; civil engineering firm Kimley-Horn and Associates Inc.; landscape architect LandDesign; general contractor Clancy & Theys; and CID Design Group for interior design.
“We are excited to invest with such a high-quality developer in Crescent Communities and grow our footprint in the mid-Atlantic,” ParkProperty Capital Managing Director Brendan Whalen said in a statement. “This will be our first investment in Richmond and Scott’s Addition, and we see a lot of opportunity in this historic and quickly revitalizing neighborhood. As the first investment in our second discretionary fund, which invests in similar development opportunities throughout the major markets in the Sun Belt region, this is an important milestone for ParkProperty Capital on multiple fronts.”