Fairstead to Redevelop Public Housing Site in Suburban DC
The new development will more than triple the number of existing units at the site.
Developer Fairstead has closed on $120 million in financing for the ground-up redevelopment of the Samuel Madden Homes public housing complex in Alexandria, Va., into a a new six-story, 207-unit community. The company is rebuilding the property in partnership with the Alexandria Redevelopment and Housing Authority and The Communities Group.
The Samuel Madden site will replace the existing 66-unit building, which dates back to 1945. Each of the families occupying the 66 original units will be welcomed back to the community upon its completion, according to New York-based Fairstead.
The redevelopment project received its first approvals more than two years ago. Demolition at the Samuel Madden site is slated to start this month, with construction beginning in June. Completion is slated for the fall of 2027.
Boston Financial, Freddie Mac, and Virginia Housing are financing the development, with Sterling Bank and the City of Alexandria providing bridge fand soft loans for the project, respectively. Virginia Housing is providing both permanent lending and construction financing for the project.
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The HUD Section 18 transaction – which provides for the demolition and replacement of aging public housing – will be combined with 4 percent and 9 percent Low-Income Housing Tax Credits, as well as 45L Energy Efficiency Tax Credits.
Affordable installation
When completed, the new Samuel Madden Homes will be designated for families earning between 30 percent and 80 percent of the area median income. The property will offer 77 units for households earning 30 percent AMI, 27 units for those earning 50 percent, 52 units for renters at 60 percent and 51 units for those earning up to 80 percent.
The property will feature a mix of one- to four-bedroom floor plans, and an underground parking garage for residents. Amenities will include a creative studio for podcast recording, a game room with free internet access and an interior courtyard.
Additional amenities at the community will include about 7,500 square feet of open space and nearly 500 square feet of ground-floor community space that will run by local non-profit, ALIVE! The hub will provide the Alexandria community with access to fresh food, along with healthy cooking demonstrations, as well as supportive resources such as financial and legal services.
The new Samuel Madden Homes will adhere to Zero Energy Ready Home Program guidelines, as well as Enterprise Green Communities Certificate requirements. Green design elements to reduce energy and water consumption will be incorporated into the property in partnership with the Virginia Center for Housing Research at Virginia Tech.
Fairstead currently owns 25,000 units in 28 states, with its Virginia portfolio set to grow to over 1,300 units by the end of the year.
The site’s deep history
Originally developed in 1945 by the Alexandria Redevelopment and Housing Authority in partnership with the federal government, the Samuel Madden Homes public housing community was built to provide housing for African American defense workers during World War II.
Archaeological trenches were opened to study the site ahead of development, and a documentary study of Samuel Madden is underway by the city, with findings to be included in brochures and interpretive signage in the new community. The city is also collecting oral histories from existing residents.
