CPDC Moves Forward with New Senior Apartments in Highland Park
With Richmond’s Affordable Housing Awareness Week underway, CPDC today announced upcoming development of Brookland Park Senior Apartments and recent acquisition of a nearby development site.
Silver Spring, MD – April 21, 2015 – Leading Washington, D.C. area not-for-profit real estate developer Community Preservation and Development Corporation (CPDC) today announced it will begin development of the former Brookland Park Senior Apartments, an adaptive reuse project that will provide 77 new affordable senior apartments. With a target completion date of July 2016 and an estimated three-month leasing process, the new Highland Park development is expected to be up and running by next fall.
“We see CPDC’s new Highland Park Senior Apartments as the first step in a broader revitalization of Six Points,” said Richmond City Councilwoman Ellen F. Robertson (District 6). “When an organization with a reputation for quality housing like CPDC joins forces with local leaders, we anticipate a community development initiative that will bring serious, positive change for the betterment of all of our citizens in Richmond.”
Phase one of the plan involves relocating 77 residents from Richmond’s Frederic A. Fay Towers to the new Highland Park Senior Apartments. CPDC was selected last year through a competitive bidding process sponsored by the Richmond Redevelopment Housing Authority (RRHA) to redevelop Fay Towers under the U.S. Department of Housing and Urban Development’s Rental Assistance Demonstration (RAD), a mixed financing tool allowing public housing authorities to create public-private efforts to replace outdated buildings. In addition to the 77 units at the new Highland Park, CPDC is working with RRHA to finalize the development plan for the remaining 123 units that will be included as part of the Fay Towers redevelopment.
CPDC acquired the new site for Highland Park Senior Apartments, formerly Brookland Park Plaza Apartments and originally Highland Park Public School, in November 2013. Built in 1909 and now a nationally designated historic place, Highland Park Public School served as one of Richmond’s northern neighborhood schools until the 1970s when it was first converted into senior housing in 1995.
The Highland Park Senior Apartments financing structure consists of nine percent Low Income Housing Tax Credits awarded by Virginia Housing Development Agency and purchased by Capital One via Hudson Housing Capital; federal and state historic tax credits; and a $750,000 commitment from the City of Richmond–$500,000 as a Section 108 loan and $250,000 in Community Development Block Grant funds.
J. Michael Pitchford, CPDC President and CEO, explains that the Highland Park project is the first piece of the organization’s planned contributions to a broader neighborhood development effort to revitalize the Highland Park commercial corridor and connect senior residents to available, but often untapped, local resources.
“CPDC brings decades of expertise not only in redeveloping housing that serves as a catalyst to reinvigorate entire neighborhoods—but also in tailored solutions for senior residents. Our goal is to engage and connect low-income senior residents to the services they need: transportation, quality healthcare, and access to local organizations offering senior services,” said Pitchford. “That kind of community building is at the core of CPDC’s value in the Richmond market.”
Integral to the Highland Park community development plan is CPDC’s recent purchase of the Nehemiah House Community Center, a vacant building directly across from the new Highland Park Apartments. CPDC plans to replace the building with a newly-constructed, mixed-use community-serving project. Planning for the future of Nehemiah Center is set to begin this summer as part of a collaborative effort involving community members and stakeholders.
A premier developer of affordable housing in Washington, D.C., Maryland and Virginia, Community Preservation and Development Corporation (CPDC) works to develop vibrant communities through innovation and partnership. Specializing in the acquisition, redevelopment, and operation of affordable housing for low- and moderate-income individuals and families, CPDC owns over 4,500 dedicated affordable apartments within more than 25 communities, with resident engagement programs at many of its properties serving more than 9,000 residents.