key boulevard apartments a transit-oriented redevelopment of affordable housing march 23, 2010 1545...

Key Boulevard Key Boulevard ApartmentsApartments

A Transit-Oriented Redevelopment A Transit-Oriented Redevelopment of Affordable Housingof Affordable Housing

March 23, 2010

1545 Key Boulevard Arlington, Virginia

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AHC Inc.’s Corporate Philosophy/Purpose

• Produce & sustain the supply of high-quality rental and owner-occupied housing for lower- and moderate-income families.

• Advocate for the availability of affordable housing.

• Ensure that AHC’s properties enhance the quality of life in the neighborhoods we serve.

Key Boulevard Redevelopment Presentation

Key Boulevard Property

• 1545 Key Boulevard• Constructed in 1942• 41 units in 3 buildings• Lot size = 1.24 acres• AHC acquired in 1982

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Current Property Condition

• Property built in 1942 (68 years old)• Building systems past useful lives (heat, water,

etc.) and becoming problematic• Inefficient doors, windows & appliances• Handicap/Accessibility issues

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Rationale Behind Redevelopment

• Existing property requires major capital investment; refinance

• Proximity to D.C.• Walking distance to shops, services &

employment• Five blocks from Rosslyn Metro Station

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The New Key Boulevard Apartments• Building Proposal– 8 stories (with top 2 stories set back)– 225 total units ( 130 Condos; 95 Affordable Rental Units)– Other amenities

• Underground Parking• Community Center• On-Site Management Office• Landscaped Courtyard• Secure Access• Modern efficient appliances and Green technologies/systems• Handicap Accessibility

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Aerial View

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Floor Plans - Garage and 1st Floor

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Floor Plans - 2nd – 6th Floors

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Floor Plans - 7th & 8th Floors

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Building Perspectives

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Unit BreakdownCondominium Units – 130 Units Total

1 BR - 63 Units 1 BR w/ Den - 18 Units 2 BR – 49 Units

Affordable Rental Units – 95 Units Total 1 BR – 28 Units 2 BR – 58 Units 3 BR – 9 Units

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Neighborhood Building Heights

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Garden Right of Way Concept

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Garden Right of Way Concept

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Preliminary Development Schedule

• Public Meetings: Nov. ‘09 to March ‘10• County Site Plan process: May ‘10 – Dec. ‘10• 9% Tax Credit Application: March ‘11 – June ‘11• Construction plans & permits: March ‘11 – Dec. ‘11• Construction: January ’12-January ‘14• Begin leasing and selling units

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Outreach• Arlington County Board Members• Ken Aughenbaugh (Arlington Co. Housing)• Bob Brosnan (Arlington Co. Planning)• North Rosslyn Civic Association• Rosslyn Mews Townhomes Homeowner’s Association• VOICE• Alliance for Housing Solutions• Rosslyn Renaissance/Rosslyn BID• Neighbors – David Briggs, Roa Lynn & Ed Berenbaum

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Project Benefits• No change to the General Land Use Plan required

• Creation of a Special Housing Protection District

• No rezoning required– Existing zoning + transferred rights + additional density

for affordable housing

• No Affordable Housing Investment Funds required– Condominium sales will fund financing gap

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Successful AHC Projects

• The Frederick & The Park– 2230 N. Fairfax Drive– Utilized unused land to

create 108 affordable apartments & 98 condominiums

– 9-story mixed-income

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Successful Projects

• Bush Construction, Development Partner & General Contractor

• Station Square– 1205 N. Garfield Street– 309 Condo Units– 10-stories, 100% market-

rate– Commercial Space

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Conclusion/Summary

• Existing Key Boulevard property needs to be rebuilt due to aging; need to refinance

• Unique opportunity to replace old units • Ability to add transit-oriented units• Opportunity to more than double affordable

units by including market-rate condos

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Contact Information

Joseph WeatherlySenior Project Manager

AHC Inc.2230 N. Fairfax Drive Suite 100

Arlington, VA 22201

www.ahcinc.org(703) 486-0626

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