A striking luxury apartment project with a warehouse aesthetic opened its doors in 2023 in Richmond, Virginia's Scott's Addition neighborhood, elevating a former industrial district and extending a run of high-end multifamily development in what has become one of the fastest-growing neighborhoods in the city.
Apartment giant Greystar teamed with Glen Allen-based Capital Square to develop The Otis, a 350-unit project that occupies an entire city block in the heart of Scott's Addition, a national historic district and longtime industrial neighborhood just northwest of Downtown that has evolved over the years following its designation as an "opportunity zone," a program launched as part of the Tax Cuts and Jobs Act of 2017 that provides tax cuts as a way to incentivize investment in low-income urban and rural areas.
Originally established in 1901 and named after U.S Army General Winfield Scott, Scott's Addition had been dominated by warehouses for decades before emerging as a hot spot for craft breweries, distilleries and other establishments. That, in turn, attracted millennials and, with them, apartment developers. According to CoStar data, roughly one-third of all new apartments that have come on line in downtown Richmond since the Great Recession have been built in Scott's Addition, with more than 1,800 units alone completed since 2018.
In addition to hundreds of new apartments, The Otis delivered ground-floor retail that helped activate the streetscape while incorporating a design that complemented the neighborhood's industrial aesthetic, with Grit Coffee and terrarium workshop and plant store PlantHouse currently operating at the site. Fast-casual restaurant Cochiloco and Levato Salon Lofts have also committed to space at the building.
In recognition of the project's impact on the surrounding neighborhood and its high-end conception, The Otis earned a 2024 CoStar Impact Award for multifamily development of the year, as selected by an independent panel of local industry professionals.
About the Project: Capital Square and Greystar paid $8.6 million in 2021 for the former Relay Foods warehouse site on Roseneath Road to house The Otis, a six-story complex bounded by Roseneath Road, MacTavish Avenue, West Moore Street and Norfolk Street. The building consists of studio, one- and two-bedroom units, as well as three-bedroom townhouses, and features a number of upscale amenities including a courtyard pool, indoor cabana, outdoor deck for entertaining, curated resident lounge, on-site pet spa, dog park and electric vehicle charging stations. It also exhibits four murals highlighting talented local artists, including one designed by Emily Herr that spans half of Norfolk Street.
The neighborhood amenities include Stella's Grocery and ZZQ barbeque, The Broadberry music venue and Brambly Park. The project also marked the first development in Scott's Addition for Greystar, the South Carolina-based firm that is one of the largest apartment owners in the country. Capital Square and Greystar co-developed and co-own the complex.
What the Judges Said: The Otis is a "best-in-market development that is comparable with what you'd see in D.C., Raleigh or Charlotte," said Eric Robison, executive vice president, Cushman & Wakefield | Thalhimer.
It is the premier apartment complex in Richmond, added Tom Rosman, director of commercial brokerage at One South Commercial. "This is a strong attraction for the metro area and an outstanding option for all newcomers to Richmond."
They Made It Happen: Adam Stifel of Capital Square and Chris Edelblute of Greystar.
CoStar Market Manager Christian Taylor contributed to this report.