The apartment boom in Scotts Addition has stopped. Now, developers are looking across the street.
News Source : Richmond.com
News Summary
- For about seven years, Scott’s Addition exploded like a rocket.
- Between 2010 and 2025, developers built 19 apartment complexes containing almost 2,700 units.
- There was at least one building under construction every year for seven years.
- But the rocket is running out of fuel.
- No new apartment complex has started construction in two years, said Nick Leverett, director of market analytics for CoStar Group.
- After it opens this fall, there will be no apartment complex under construction in Scott's Addition for the first time since 2017.
For the past decade, Scotts Addition has been Richmonds hottest neighborhood. New apartment complexes have sprouted up alongside breweries, attracting affluent 20somethings and older emptynesters. [+12216 chars]
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