Veterans Affordable Community Underway in Northern Virginia
The $80 million project is slated for a 2022 completion.
Arlington Partnership for Affordable Housing is ready to start work on the redevelopment of American Legion Post 139 in Arlington, Va., after purchasing the property for $8.8 million. The $80 million project, dubbed Lucille and Bruce Terwilliger Place, features a 160-unit affordable community and a new 6,000-square-foot veterans center. Project partners include American Legion Post 139, Arlington County, DCS Design, LISC – National Equity Fund, Virginia Department of Housing & Community Development and Virginia Housing Development Authority. The development is slated for completion in 2022.
According to VHDA CEO Susan Dewey, Terwilliger Place is Virginia’s largest affordable housing project for veterans and the state’s first Housing Credit project with a leasing preference for veterans. The 1.3-acre site is at 3445 Washington Blvd., across from Virginia Square. Upon completion, the seven-story community will encompass one- to three-bedroom apartments. All units will cater to households earning from 30 to 80 percent of the area’s median income, with 80 units to be set aside for veterans. The property will include workforce development programs, private counseling spaces, community activity rooms and a computer lab.
The property is less than a mile northeast of the city center, just north of George Mason University Campus and within walking distance of Virginia Square Metro Station. The immediate area holds several shops and restaurants.
Avison Young facilitated the Post 139 sale. Principals Jim Kornick and Chip Ryan, both in the firm’s Washington, D.C., office, led the brokerage team involved.
Public and private financing
The redevelopment project received $33.8 million in low-income housing tax credits from the Virginia Housing and Development Authority. Capital One purchased the tax credits and provided $70,000 in predevelopment grants from Capital One’s Community Impact & Investment team.
VHDA also provided a direct permanent loan through its Resources Enabling Affordable Community Housing in Virginia (REACH Virginia) programs, and a grant for predevelopment work. In addition, The Commonwealth of Virginia provided a permanent loan from the Virginia Housing Trust Fund and Arlington County contributed with a $11.5 million loan.
More than $4 million was raised from 50 donors, including $1.5 million from the J. Ronald Terwilliger Foundation founded by retired Trammell Crow Residential CEO Ron Terwilliger. Amazon donated $1 million.