Pennrose Wraps Phase 1 of Mixed-Income Project
Two additional phases are slated for completion over the next two years.
The Lift & The Rise opening ceremony. Image courtesy by Pennrose
Pennrose, alongside partners Newport News Redevelopment & Housing Authority and the City of Newport News, have completed the first phase of The Lift & The Rise, a partially affordable housing community in Newport News, Va. Two additional phases are slated for completion over the next two years.
In 2019, the U.S. Department of Housing and Urban Development provided the co-developers with a $30 million grant, as a part of the Choice Neighborhood Initiative program. The project totals approximately $19.7 million and was funded by:
- CNI grant from HUD
- Affordable Housing Tax Credits,
- Home Investment Partnership dollars
- State Vibrant Communities allocations
- Virginia Housing Trust contributions
- city resources
Construction on the community started in 2021. The property was subject to two construction loans, a $6.8 million loan funded by KeyBank and $312,600 provided by the Newport News Redevelopment & Housing Authority, according to Yardi Matrix data.
Affordable and market-rate
The Lift & The Rise encompasses 81 units and six townhouses, with one-, two- and three-bedroom floorplans. Approximately 46 percent of the units are designated for individuals displaced by the demolition of the CNI targeted assisted apartments, which were subsidized by HUD. The other units will be leased at market rate.
Common-area amenities include a fitness center, a community terrace and lounge, a community room, outdoor lounges and play areas. The property also provides on-site management and maintenance, security cameras and controlled access. Some of the in-unit amenities consist of washers and dryers, kitchen appliances and central air conditioning. Residents also have access to a retail area on the ground floor.
Located at 2800 Jefferson Ave., the development site is near Interstate 644, providing easy access to multiple dining options, retail spaces and entertainment venues.
Pennrose, in a joint venture with the Allentown Housing Authority, has recently broken ground on a two-phase redevelopment in Allentown, Pa. The first phase of the project includes 95 affordable units across five buildings.
