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Key Boulevard Apartments A Transit-Oriented Redevelopment of Affordable Housing

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 Apartments A Transit-Oriented Redevelopment of Affordable Housing

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  1. Key Boulevard ApartmentsA Transit-Oriented Redevelopment of Affordable Housing March 23, 2010 1545 Key Boulevard Arlington, Virginia

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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

  7. Aerial View Key Boulevard Redevelopment Presentation

  8. Floor Plans - Garage and 1st Floor Key Boulevard Redevelopment Presentation

  9. Floor Plans - 2nd – 6th Floors Key Boulevard Redevelopment Presentation

  10. Floor Plans - 7th & 8th Floors Key Boulevard Redevelopment Presentation

  11. Building Perspectives Key Boulevard Redevelopment Presentation

  12. 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

  13. Neighborhood Building Heights Key Boulevard Redevelopment Presentation

  14. Garden Right of Way Concept Key Boulevard Redevelopment Presentation

  15. Garden Right of Way Concept Key Boulevard Redevelopment Presentation

  16. 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

  17. 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

  18. 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

  19. 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

  20. 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

  21. 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

  22. 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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