Scott’s Addition apartment building completely pre-leased before opening

Interest in the building at 1700 Summit Avenue demonstrates that the burgeoning neighborhood is in high demand.

August 12, 2014; 10:29 AM • by Trevor Dickerson

A forthcoming apartment project in Scott’s Addition is already 100 percent pre-leased–and it isn’t even finished yet. 1 Scott’s Addition, a 132-apartment project on Summit Avenue, is one of two currently under development in the neighborhood.

From Richmond BizSense:

Main Street Realty said last week that it has leased every unit at the first piece of its two-building 1 Scott’s Addition project before completing construction on the property.

The company, which is the property management wing of David White and Louis Salomonsky’s Historic Housing, is aiming for an Aug. 15 completion date on the first building.

“Typically we would hope to have the building 100 percent leased within three months of Aug. 15,” said Wendy Holland, a property manager for Main Street. “This is the first time that we’ve 100 percent preleased a building before it was completed.”

Main Street’s 42 paid deposits on an unfinished apartment project are a concrete sign of interest and a boost of confidence for the burgeoning Scott’s Addition residential market. A slew of new apartment projects have been announced in recent years totaling more than 500 new units and $60 million of investments in the industrial neighborhood.