News

Victory Center conversion plans to deliver 377-unit all-affordable housing building by 2027

By James Cullum
A rendering of the Victory Center by owner Stonebridge (via City of Alexandria)

A long-vacant office property along Eisenhower Avenue is slated for conversion into a 377-unit all-affordable apartment building.

The redevelopment of the 9.73-acre Victory Center at 5001 Eisenhower Avenue site was approved in late 2024. Now property owner Stonebridge, the City of Alexandria and Amazon’s Housing Fund have announced the “unprecedented” full conversion for the 11-story building, with completion estimated by 2027.

“The City of Alexandria has been a leader in conversion of office to residential projects,” Mayor Alyia Gaskins said in a statement. “But to have accomplished a conversion into an all-affordable project of this scale, with larger units and metro proximity is a major accomplishment for the entire City and advancing our vision for the West End. We are extremely pleased to have Amazon join our partnership for this project and create more and longer affordability.”

The building is slated to including units affordable to varying levels of the area median income for 40 years, according to the city website:

Affordable units

  • 41 units at 50% AMI – exclusively available to income-qualified residents
  • 41 units at 60% AMI – exclusively available to income-qualified residents

Workforce units

  • 189 units at 80% AMI
  • 106 units at 100% AMI

The 80% and 100% AMI units will be available to income-qualified residents for 75 days after each unit is vacated and may be leased at the restricted rent to tenants whose incomes are higher after 75 days

Alexandria is providing a 25-year tax abatement for the project, and Amazon will provide a 99-year affordability covenant on the project and low-rate subordinate rent, according to a release from Stonebridge.

Douglas M. Firstenberg, the principal at Stonebridge, said that the project is a new model for affordable housing.

“The scale of the project, the range of affordability, unit mix and the capital committed to the project are unique,” Firstenberg said. “We are grateful to all our partners’ commitment to making this project a reality.”

Senthil Sankaran, the managing principal of Amazon’s housing fund, said that the property has been a missed opportunity in the city’s West End.

“Through our investment structure and long-term affordability commitment, we’re helping convert this dormant property into a vibrant residential community of 377 affordable homes that will anchor neighborhood revitalization,” Sankaran said. “The families who will call this building home will support local businesses, activate streets, and become integral parts of the neighborhood fabric.”

The project’s first units are expected to be occupied by summer 2027.

About the Author

  • Reporter James Cullum has spent nearly 20 years covering Northern Virginia. He began working with ALXnow in 2020, and has covered every story under the sun for the publication, from investigative stories to features and photo galleries. His work includes coverage of national and international situations, as well as from the White House, Capitol, Pentagon, Supreme Court and State Department. He's covered protests and riots throughout the U.S. (including the Jan. 6 riot at the U.S. Capitol), in addition to earthquake-ridden Haiti, Western Sahara in North Africa and war-torn South Sudan. He has photographed presidents and other world leaders, celebrities and famous musicians, and excels under pressure.