JV Begins Apartment Redevelopment in Suburban DC
- Nov 13, 2014
Arlington, Va.—The Bozzuto Group and Wesley Housing Development Corp. have broken ground on Union on Queen, the redevelopment of the Pierce Queen apartment property in Arlington, Va. The project, which involves the renovation of an historic complex as well as the construction of a new building, is slated for completion in 2016.
The mixed-income Union on Queen will ultimately offer 193 residences. Two of the historic garden-style buildings in the existing Pierce Queen apartment property will be renovated into 12 apartment units. The remaining 181 residences will be located in a new 12-story high-rise.
Seventy-eight units will be affordable. Common amenities will include a clubroom with outdoor patio, fitness room, business center, bike storage, rooftop deck with outdoor kitchen, and two outdoor terraces.
Walker & Dunlop is the permanent lender; Virginia Housing Development Authority awarded 9 Percent Low Income Housing Tax Credits to finance the project; and Hudson Housing Capital is the project’s tax credit investor. Arlington County is providing subordinate financing, with construction financing provided by Capital One Bank.
Bozzuto Construction Co. is the general contractor and Bozzuto Management Co. will manage the property upon completion. The development will receive four green building certifications, including LEED Silver, EarthCraftVA, Energy Star for Multifamily and Arlington County Transportation Demand Management.