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Moving full speed ahead into 2016, take a look at new additions to and movement in the CPDC real estate development portfolio and pipeline as of this year, including communities newly acquired, currently under construction or undergoing revitalization.

HOLLINS HOUSE

STATUS: UNDER CONSTRUCTION

WHO: Seniors and non-elderly disabled

HollinsHouseExternal

WHAT: 130 one-bedroom apartments

Hollins House is CPDC’s first project in the City of Baltimore. In partnership with the Housing Authority of Baltimore City (HABC), CPDC is converting all 130 units at Hollins House from public housing into project-based Section 8 rental units under HUD’s Rental Assistance Demonstration (RAD) program.

WHERE: Hollins Market neighborhood of Baltimore, MD

WHEN: CPDC closed on financing for Hollins House in late November, 2015—two years after being selected as development partner by HABC.

WHY: Hollins House achieves CPDC’s strategic goals of market expansion into Baltimore and partnership with Public Housing Authorities (PHAs). The project is also slated as an anchor for broad community development efforts in Baltimore.

HIGHLAND PARK SENIOR APARTMENTS

STATUS: UNDER CONSTRUCTION

WHO: Low-income seniors

WHAT: Highland Park Senior Apartments is a historic preservation and adaptive reuse project to provide 77 one-bedroom affordable apartments.rsz_cpdc-20150000-highland_park-006

The $11 million redevelopment of Highland Park Senior Apartments is CPDC’s first community in Richmond, VA. In partnership with the Richmond Redevelopment and Housing Authority (RRHA), CPDC is converting this former school into Section 8 replacement housing rental units under HUD’s RAD program.rsz_221cpdc-20150000-highland_park-021

WHERE: Richmond, VA (Six Points)

WHEN: CPDC broke ground on Highland Park Senior Apartments in October 2015. The project is expected to be complete by July 2016 with an estimated three-month leasing process.

WHY: In addition to providing critically needed affordable apartment homes for fixed-income seniors, Highland Park is aligned with CPDC’s strategic goals of market expansion into Richmond, VA and partnership with PHAs. The project is also a historic preservation and adaptive reuse–both CPDC areas of expertise. Additionally, CPDC has community development efforts underway in  Six Points, the neighborhood surrounding Highland Park.

Auburn-LgImageAUBURN POINTE

STATUS: ACQUIRED

WHO: Affordable workforce housing for individuals and families

WHAT: 274 1-3 bedroom garden style apartments

CPDC secured an $11 million acquisition loan from NeighborWorks America lender Community Housing Capital and placed the remaining $1.5 million of our own equity into the deal.

WHERE: Newport News, VA

WHEN: CPDC acquired Auburn Pointe in April 2015 and plans to close on the construction and permanent financing in 2016.

WHY: In addition to providing critically needed affordable apartment homes for fixed-income individuals and families, the redevelopment of Auburn Pointe achieves CPDC’s strategic goals of market expansion into the Hampton Roads region and development of mixed-income communities.

DOVE LANDING

STATUS: ACQUIRED

WHO: Affordable workforce housing for individuals and families

WHAT: 318 1-2 bedroom unitsDove

CPDC’s inaugural redevelopment investment in Virginia Beach, Dove Landing was acquired through a Real Estate Investment Trust (REIT), the Housing Partnership Equity Trust with equity from Prudential/ Freddie Mac.

WHERE: Virginia Beach, VA

WHEN: CPDC acquired Dove Landing in January 2016 and plans to close on the construction and permanent financing in 2017.

WHY: The redevelopment of Dove Landing achieves CPDC’s strategic goals of market expansion into the Virginia Beach area and development of mixed-income affordable communities.

EDGEWOOD COMMONS

STATUS: UNDER RENOVATION

WHO: Affordable housing for residents of mixed incomes

WHAT: CPDC’s ‘flagship’ property, Edgewood Commons is currently undergoing a $50 million revitalization to create a mixed-income community that is open, vibrant and engaged.

WHERE: Edgewood Commons campus in Northeast Washington, DCArchitectural, Interior Design, and Aerial Photography Architectural Photo Artistry in Washington DC, Virginia to Florida and PA to New England

WHEN: In June 2015, CPDC celebrated the completion of Phase 1 of renovations (Edgewood IV) and broke ground on Phase II construction (Edgewood I), now underway. Renovations are expected to be complete in 2018.

WHY: Reinvestment in Edgewood Commons will preserve affordable housing for hundreds of families, across income levels,  in Washington D.C.’s fast-gentrifying Edgewood-Brookland neighborhood. CPDC is also currently expanding our focus to include community development and partnerships in the Northeast corridor of Rhode Island Avenue in the Edgewood area.

 

 


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