A stalled development project in Old Town, called The Heritage, could be getting a boost from the city’s housing authority to get it over the finish line.
The City Council is docketed to consider a resolution “authorizing the issuance of revenue bonds by the Alexandria Redevelopment and Housing Authority (ARHA) for the Heritage at Old Town Redevelopment Project.”
The Heritage project is a planned development at 431 S Columbus Street approved back in 2021 for 3 buildings with 750 units to include 195 committed affordable units. The project website said Phase 1 of the project would entail the construction of 598 apartments, with 140 of those being targeted for families with the federal Housing Assistance Program, but the latest resolution at the upcoming City Council meeting describes the project as “244 rental units in 12 three-story garden-style buildings and one six-story midrise building.”
The project attracted some controversy during city review — the Board of Architectural Review once called the designs “lipstick on a pig” — but Jair Lynch Real Estate Partners said in an update in March that the redevelopment was paused.
“Jair Lynch Real Estate Partners is committed to our vision for The Heritage at Old Town and to the community that surrounds it,” the project website said. “Market conditions have required us to pause the redevelopment process as we explore options to move forward on this vision.”
Jair Lynch Real Estate Partners did not respond to ALXnow’s request for comment.
The new revenue bonds would give the project a $38 million boost.
“They have been struggling to obtain financing to move this project forward,” explained Mayor Justin Wilson. “They worked with ARHA to use their financing vehicle to move things forward. This is an important project and I’m excited to see it proceed.”
The resolution is scheduled for consideration at the Tuesday, June 11, City Council meeting.
