The new 275-unit Novel Scott’s Addition apartment development sits at the edge of two sections of Richmond, Virginia, undergoing dramatic changes.
The project built by North Carolina-based Crescent Communities is just across the railroad tracks from Scott’s Addition, which for decades was dominated by warehouses but is now seeing significant housing growth. On the other side of Arthur Ashe Boulevard is the Diamond District, where a new stadium is planned for Richmond's minor league baseball team, the Flying Squirrels, along with the potential for new housing, offices, hotels and retail stores.
The Novel project, completed in 2024, replaced an electrical supplier’s distribution warehouse. The building honors the area’s industrial heritage with materials like brick, steel and concrete, but with contemporary design elements. A panel of judges with local ties chose the project for a 2025 CoStar Impact Award as multifamily development of the year for Richmond.
Besides typical amenities such as an outdoor pool and fitness center, residents have access to distinctive gathering spots such as a cocktail club and rooftop lounge, plus a podcast studio and coworking spaces. The project owners are creating connections to the surrounding area through collaborative events with local breweries and restaurants, and by featuring the work of local artists within the building.
About the project: The building includes 191 one-bedroom units, 65 two-bedrooms and 19 studios.
What the judges said: "I feel like it was very forward-thinking to locate where it did. It will elevate the area around it. The architecture of the building blends well with the area," said Rebecca Barricklow, senior vice president of local real estate firm Range Commercial Partners.
"This property will appeal to an eclectic market that values quality amenities within striking distance to downtown and Scott’s [Addition]," added Brent Smith, professor and CoStar Group endowed chair in real estate analytics at Virginia Commonwealth University.
They made it happen: Matt Bailey, director of development, and Ben Watt, senior marketing director, represented Crescent Communities. Matt Raggi is a principal of Thalhimer Realty Partners, which sold the property to Crescent in 2022 and stayed on as a development partner. Drew Harbrecht is a principal of Thalhimer Multifamily, which manages the building.