A 110-unit condominium building was approved in Alexandria’s Carlyle neighborhood by City Council on Saturday.
City Council unanimously approved Paradigm Development Company’s plan to build the 13-story, 159-foot-tall building on a 22,000-square-foot vacant parcel of land next door to its 26-story, 420-unit apartment building Meridian 2250 at Eisenhower Station.
Two of those apartments, a one-bedroom and a two-bedroom, are the first-ever affordable units available for home ownership in this part of the city.
“This is going to be one of the first affordable homeownership opportunities in this part of the city, in the Carlyle neighborhood,” said City Council Member Sarah Bagley.
The property was previously zoned for a hotel and is within 850 feet of the Eisenhower Avenue Metro station.
Designs call for 78 one-bedroom, 29 two-bedroom, and three three-bedroom units. Parking will be underground and shared with Meridian 2250.
According to the city:
The affordable for-sale unit will be affordable to households with incomes generally ranging between 70% and 100% AMI (equivalent to $75,810-$154,700 in 2024 for a household with one to four members, respectively). City homeownership assistance will be available to eligible households to help with down payment and closing costs. The unit will remain affordable with equity sharing enforced through deeds of covenant restricting its resale consistent with City policy…
The starting prices of the affordable for-sale units are the City’s standard prices, which include one parking space: $225,000 for a one-bedroom unit and $275,000 for a two-bedroom unit. If City affordable sale prices are modified (either increased or decreased) prior to the release of the Final Site Plan, the prices for the affordable set-aside units will be adjusted accordingly. Consistent with the City’s unbundling parking policy, units will be sold independent of parking spaces and will incur a $30,000 price reduction as a result. At the time of initial sale, buyers of affordable units will have the opportunity to purchase up to one parking space per household for $30,000.
