American real estate developer Arlington Partnership for Affordable Housing (APAH) and Fairfax County, among other project partners, have begun construction on a new mixed-use development in Tysons, Virginia, US.
The Fairfax County Redevelopment and Housing Authority, Amazon, project partners, and the Tysons community, along with APAH and Fairfax County attended the ground-breaking ceremony.
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Named The Exchange at Spring Hill Station, this project features two 20-storey mixed-use buildings that will include 516 residential units and a community centre.
Upon completion, the property will have 112 one-bedroom units, 306 two-bedroom units, and 98 three-bedroom units, with varying affordability.
The Exchange will cater to families with a low to moderate income, offering units to those earning 30%, 50%, 60%, and 70% of the area median income (AMI).
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It will also include 100 project-based voucher units.
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By GlobalDataThe community centre, which spans 30,000ft², will feature various amenities and be operated and maintained by Fairfax County Neighborhood and Community Services.
It will feature a basketball court, fitness centre, and county-run programmes.
The project is financially backed by two 4% Low-Income Housing Tax Credit deals, with additional funding from Virginia Housing, Bank of America, Freddie Mac, and the Fairfax County Redevelopment and Housing Authority issuing bonds.
In addition, Amazon’s Housing Equity Fund made a $56m contribution, allowing APAH to build all 516 apartments all at once.
Clark Construction’s Capital Group CEO Lee DeLong said: “The Exchange development project is a shining example of expanding affordable housing throughout our region.
“We’re honoured to build this project and contribute to a community that will provide safe and attainable housing for our Fairfax residents.”
The Exchange is projected to be completed in four years.
