A $20 million bond financing agreement by the Alexandria Redevelopment Housing Authority (ARHA) for the second phase of an Old Town affordable housing project is set to move forward.
City Council unanimously approved the bond agreement on Dec. 13, which will support the conversion of the 4.76-acre, 244-unit mixed-income “Heritage at Old Town” complex into three buildings with approximately 750 apartments across three blocks, according to a Nov. 24 board report from ARHA.
The former complex was comprised of 12 three-story garden-style buildings and a six-story mid-rise building at 431 S. Columbus Street.
“We’re very glad to see the next phase of the project moving forward,” Helen McIlvaine, the city’s housing director, told City Council. “It’s really a tremendous project.”
City and housing leaders broke ground on the $160 million first phase of the The Heritage at Old Town Redevelopment Project in June, with the goal of delivering 310 apartments (210 market-rate units and 100 affordable units) by the third quarter of 2027 at 505 S. Alfred Street.
This second phase will add 288 apartments, with 52 affordable units, for the acquisition and renovation of a second property at 435 S. Alfred Street.
“The building will have rooftop terraces, expansive outdoor areas and two levels of below-grade parking,” according to The Heritage website.
The third and final phase will complete a revamp of the Wilkes Street Park at 850 Wilkes Street.
