The “Novel” project will add 275 apartments to Scott’s Addition
Thalhimer Realty Partners contributed land for Richmond development
May 19, 2022
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. Units will be studios, one and two bedroom apartments and the top floor will have lofts. Most of the property will have five stories, with one wing rising to seven stories. 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 , a panoramic terrace and a clandestine bar.
Construction will begin this month and be completed in early 2024.
The apartment community site is located approximately 2.5 miles from the 66.7-acre Diamond Baseball Stadium property, which the city government is in the process of selecting a business for redevelopment in the new Diamond District. . Thalhimer Realty Partners is part of Diamond Partners, one of three teams of finalists vying for the redevelopment project.
Charlotte, NC-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 project partners include architecture firm KTGY; civil engineering firm Kimley-Horn and Associates Inc.; LandDesign landscape architect; general contractor Clancy & Theys; and CID Design Group for interior design.
“We are thrilled to invest with such a quality developer in the Crescent communities and expand 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 rapidly revitalizing neighborhood. As the first investment in our second discretionary fund, which invests in similar development opportunities in key markets in the Sun Belt region, this is an important milestone for ParkProperty Capital on several fronts.