2017 CPDC Real Estate Development Preview
Learn about new additions to and movement in CPDC’s real estate development pipeline this year, including communities newly acquired, currently under construction or undergoing revitalization.
RANDLE HILL APARTMENTS
WHAT: 196 efficiency, one-, two- and three-bedroom, mixed-income apartments
Composed of 17 garden-style buildings and 196 units, Randle Hill is situated in Ward 8 near the redevelopment of St. Elizabeths Hospital and about a half mile from the Congress Heights Metro (Green Line). It is also in close proximity to I-295 near the Anacostia Naval Base, Bolling Air Force Base and I-495/I-95.
WHERE: Southeast, Washington, DC
WHEN: Acquired in November, 2016
WHY: Located in Congress Heights—a neighborhood where CPDC owns multiple properties and is undergoing broad community development efforts—CPDC plans to renovate the property, sustain it as a mixed-income community and connect residents to our existing network of services and programs in Ward 8.
FORT STEVENS PLACE
WHAT: 59 efficiency, one-, two- and three-bedroom, mixed-income apartments
CPDC was awarded nine percent Low Income Housing Tax Credits for Fort Stevens Place, a multifamily tax credit community located in the rapidly gentrifying Brightwood neighborhood. Fort Stevens was one of 13 projects to receive 2016 funding from the DC Department of Housing and Community Development Housing Production Trust.
WHERE: Northwest, Washington, DC
WHEN: Acquired in May, 2016. Construction scheduled to begin by the third quarter of 2017.
WHY: Fort Stevens Place satisfies CPDC’s strategic goal of affordable housing preservation–especially in the District where need is critical.
RICHMOND + HAMPTON ROADS, VA
HIGHLAND PARK SENIOR APARTMENTS
WHAT: 77 units for low-income seniors
Phase one of our three-phase mixed-income, mixed-use redevelopment of Richmond’s Fay Towers, the historic preservation Highland Park Senior Apartments is near complete and opened to its first residents in December. Resident moves are expected to be complete by the end of January.
WHERE: Richmond, VA
WHEN: Ribbon-cutting scheduled for spring 2017
WHY: Highland Park Senior Apartments touches on several CPDC goals and expertise including: development in the Richmond, VA market; new housing for seniors; historic preservation of a school; and innovative financing via our partnership with Richmond Redevelopment & Housing Authority. Highland Park has also been identified as a key neighborhood where CPDC will pursue community development opportunities.
WHAT: 72 low-income senior apartments + 122 mixed-income units + commercial space
Jackson Ward (previously referred to as the Convent Site) is phase two of our Fay Towers redevelopment in Richmond. It will feature 72 units of replacement housing for low-income seniors from Fay Towers; 122 apartments including studios and two-bedroom units that will be a mix of affordable housing and market-rate rents; and 6,000 square feet of commercial space.
WHERE: Richmond, VA
WHEN: CPDC recently received zoning approval to construct in this historic neighborhood. Acquisition is expected July 2017.
WHY: The Jackson Ward project meets CPDC’s strategic goals of new construction, development in the Richmond market, development of mixed-income and mixed-use communities and creation of new, affordable senior housing.
WHAT: 51 low-income apartments for seniors
CPDC has received site control of and historic designation for Baker School, phase three of our Richmond redevelopment. Substantial interior renovations will include converting classrooms into new apartments with new kitchens, living rooms and bathrooms.
WHERE: Richmond, VA
WHEN: Renovations at Baker are scheduled to begin in Q2 2017.
WHY: Baker School meets CPDC’s strategic goals of developing quality, affordable housing for seniors and new development in the Richmond market. The project also benefits from our expertise in historic renovation.
WHAT: 318 one and two-bedroom garden apartments
Dove Landing is CPDC’s first property in Virginia Beach, VA. The community is currently undergoing moderate renovations. Additionally, CPDC repaired and re-opened the pool which had not been operational for years.
WHERE: Virginia Beach, VA
WHEN: Renovations are expected to be complete by the end of 2017.
WHY: Dove Landing meets CPDC’s strategic goals of developing mixed-income housing and geographic expansion into Hampton Roads.
WHAT: 130 high-rise units for seniors and persons with disabilities
CPDC’s West Baltimore Hollins House community was redeveloped in partnership with the Housing Authority of Baltimore City under the Rental Assistance Demonstration program. Major renovations to the property are 90% complete, with most common areas open and a new community space in use.
WHERE: Baltimore, MD
WHEN: Renovations to be complete by spring with ribbon-cutting to follow.
WHY: Hollins House meets CPDC’s strategic goals of developing new senior housing and geographic expansion into Baltimore, MD. West Baltimore has also been identified as a key neighborhood where CPDC will pursue community development opportunities.