Rabu, 12 Desember 2012

Arlington Adds Affordable Housing to Columbia Pike

An 83-unit mixed-use affordable housing complex built on the site of a Shell gas station in Arlington is set to break ground early next year, according to developer AHC, Inc.

"We're scheduled to start construction on February 1" said John Welsh, Vice President of the Multifamily Division at AHC, Inc.  "And we plan to have the building done in eighteen months."

The $13 million, six-story building is designed by Cunningham + Quill Architects and will include ground floor retail space and two levels of below-grade parking.  The building is designed around a central courtyard, and the retail space faces Columbia Pike.  Plans call for the building to be built on two adjacent parcels - one at 870 South Greenbrier, largely a surface parking lot and undeveloped scrubland, and one at 5511 Columbia Pike, the former site of the Shell station.  Though that parcel did require environmental remediation - mostly the excavation and removal of contaminated soil - Welsh says that the previous owner handled it before selling to AHC.

The project will be funded, in part, by a $6 million loan from the Arlington County Affordable Housing Investment Fund (AHIF), and AHC's Multifamily Revolving Loan Fund, which consists of federally-funded Community Development Block Grants.  According to reports, 19 dwellings will be affordable to families making 50% of the AMI ($53,750 for a family of four), with the remaining 64 dwellings affordable to families earning 60% of the AMI ($64,500 for a family of four).

No word yet on who might occupy the retail space.  "Tiffany's turned us down," said Welsh, when asked about potential tenants.  "Just kidding."

Arlington, Virginia real estate development news

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