Key boulevard apartments a transit oriented redevelopment of affordable housing
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Key Boulevard Apartments A Transit-Oriented Redevelopment of Affordable Housing. March 23, 2010. 1545 Key Boulevard Arlington, Virginia. AHC Inc.’s Corporate Philosophy/Purpose.

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Key Boulevard ApartmentsA Transit-Oriented Redevelopment of Affordable Housing

March 23, 2010

1545 Key Boulevard Arlington, Virginia


AHC Inc.’s Corporate Philosophy/Purpose

  • Produce & sustain the supply of high-quality rental and owner-occupied housing for lower- and moderate-income families.

  • Advocate for the availability of affordable housing.

  • Ensure that AHC’s properties enhance the quality of life in the neighborhoods we serve.

Key Boulevard Redevelopment Presentation


Key Boulevard Property

  • 1545 Key Boulevard

  • Constructed in 1942

  • 41 units in 3 buildings

  • Lot size = 1.24 acres

  • AHC acquired in 1982

Key Boulevard Redevelopment Presentation


Current Property Condition

  • Property built in 1942 (68 years old)

  • Building systems past useful lives (heat, water, etc.) and becoming problematic

  • Inefficient doors, windows & appliances

  • Handicap/Accessibility issues

Key Boulevard Redevelopment Presentation


Rationale Behind Redevelopment

  • Existing property requires major capital investment; refinance

  • Proximity to D.C.

  • Walking distance to shops, services & employment

  • Five blocks from Rosslyn Metro Station

Key Boulevard Redevelopment Presentation


The New Key Boulevard Apartments

  • Building Proposal

    • 8 stories (with top 2 stories set back)

    • 225 total units ( 130 Condos; 95 Affordable Rental Units)

    • Other amenities

      • Underground Parking

      • Community Center

      • On-Site Management Office

      • Landscaped Courtyard

      • Secure Access

      • Modern efficient appliances and Green technologies/systems

      • Handicap Accessibility

Key Boulevard Redevelopment Presentation


Aerial View

Key Boulevard Redevelopment Presentation


Floor Plans - Garage and 1st Floor

Key Boulevard Redevelopment Presentation


Floor Plans - 2nd – 6th Floors

Key Boulevard Redevelopment Presentation


Floor Plans - 7th & 8th Floors

Key Boulevard Redevelopment Presentation


Building Perspectives

Key Boulevard Redevelopment Presentation


Unit Breakdown

Condominium Units – 130 Units Total

  • 1 BR - 63 Units

  • 1 BR w/ Den - 18 Units

  • 2 BR – 49 Units

    Affordable Rental Units – 95 Units Total

  • 1 BR – 28 Units

  • 2 BR – 58 Units

  • 3 BR – 9 Units

Key Boulevard Redevelopment Presentation


Neighborhood Building Heights

Key Boulevard Redevelopment Presentation


Garden Right of Way Concept

Key Boulevard Redevelopment Presentation


Garden Right of Way Concept

Key Boulevard Redevelopment Presentation


Preliminary Development Schedule

  • Public Meetings: Nov. ‘09 to March ‘10

  • County Site Plan process: May ‘10 – Dec. ‘10

  • 9% Tax Credit Application: March ‘11 – June ‘11

  • Construction plans & permits: March ‘11 – Dec. ‘11

  • Construction: January ’12-January ‘14

  • Begin leasing and selling units

Key Boulevard Redevelopment Presentation


Outreach

  • Arlington County Board Members

  • Ken Aughenbaugh (Arlington Co. Housing)

  • Bob Brosnan (Arlington Co. Planning)

  • North Rosslyn Civic Association

  • Rosslyn Mews Townhomes Homeowner’s Association

  • VOICE

  • Alliance for Housing Solutions

  • Rosslyn Renaissance/Rosslyn BID

  • Neighbors – David Briggs, Roa Lynn & Ed Berenbaum

Key Boulevard Redevelopment Presentation


Project Benefits

  • No change to the General Land Use Plan required

  • Creation of a Special Housing Protection District

  • No rezoning required

    • Existing zoning + transferred rights + additional density for affordable housing

  • No Affordable Housing Investment Funds required

    • Condominium sales will fund financing gap

Key Boulevard Redevelopment Presentation


Successful AHC Projects

  • The Frederick & The Park

    • 2230 N. Fairfax Drive

    • Utilized unused land to create 108 affordable apartments & 98 condominiums

    • 9-story mixed-income

Key Boulevard Redevelopment Presentation


Successful Projects

  • Bush Construction, Development Partner & General Contractor

  • Station Square

    • 1205 N. Garfield Street

    • 309 Condo Units

    • 10-stories, 100% market-rate

    • Commercial Space

Key Boulevard Redevelopment Presentation


Conclusion/Summary

  • Existing Key Boulevard property needs to be rebuilt due to aging; need to refinance

  • Unique opportunity to replace old units

  • Ability to add transit-oriented units

  • Opportunity to more than double affordable units by including market-rate condos

Key Boulevard Redevelopment Presentation


Contact Information

Joseph Weatherly

Senior Project Manager

AHC Inc.

2230 N. Fairfax Drive Suite 100

Arlington, VA 22201

www.ahcinc.org

(703) 486-0626

Key Boulevard Redevelopment Presentation


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