AHDC's Role: AHDC was designated by the City to develop, finance, own, operate, and manage the residential portion of the project, and to maintain it as long term affordable housing. In March, 2007, AHDC submitted a successful application for low income housing credits and the project was awarded more than $10 million in tax credit equity. Our tax equity credit partner is RBC Capital Markets. The balance of the project financing is being provided through below-market mixed-use, mixed income loans available from the Virginia Housing Development Authority (VHDA). AHDC and the City of Alexandria held a joint Grand Opening for the project on October 17th and the units are being occupied. See The Station at Potomac Yard project featured in the REACH Virginia (Resources Enabling Affordable Community Housing in Virginia) Summer 2007 newsletter. REACH is VHDA's initiative to serve the housing needs of Virginia's diverse communities. Also, The Station project is being featured by VHDA as a "case study" for its Mixed-Use, Mixed-Income (MUMI) loan product. (Click on this link to view the Case Study.) Affordable and Workforce Housing: The four-story residential component consists of 12 one-bedroom, 49 two-bedroom, and 3 three-bedroom units, ranging in size from 700 to 1300 square feet. Forty-four units serve households with incomes at or below 60% of the area median income. The remaining twenty units are designated as "workforce" housing, serving households with incomes up to 80% of the area median income. Amenities include a fully secure building, a community room, a shared rooftop terrace, and underground parking. There is also a small commercial rental space on the first floor. Design, Construction, and Management: This project provides an excellent example of "Smart Growth," with the ground level fire station LEEDS certified and the housing component designed in conformance with Earthcraft program guidelines on energy efficiency to provide maximum long term savings for residents. The project was awarded the Earthcraft Multifamily Project award for meeting all of the requirements of the program. The structure is a model of sustainable design, construction, and livability, designed by two leading architectural firms, Rust Orling and Lemay Erickson. Whiting Turner, a nationally recognized general contracting firm, was the builder of the project. The residential component is being leased, managed and operated by Equity Management, Inc. The resident manager, Joe Pyle, can be reached at thestation@equitymgmt.com or 703-751-0003.
For directions to The Station click here. For more details and background information about The Station at Potomac Yard project: See "The Station at Potomac Yard: A Model of Innovative Planning," Jamie L. Rhoads, Quorum, September 2009. See "Affordable Housing, Retail Space...and a Fire Station" by Stephen K. Coopers in the April 2009 issue of Tax Credit Advisor. See the Press Release dated November 10, 2008 selecting The Station to be featured in the Real Estate & Construction Review - 2009 Eastern Seaboard Edition. See "Good Neighbors" by Paul Erickson in the April 1, 2008 issue of Fire Chief. See "Public/Private Partnerships Support Green Infill" by Deborah Myerson in the June 2008 issue of Urban Land. See "Going Green With Affordable Housing" by Deborah Myerson in the Summer 2008 issue of Land Development. See "Approval Anticipated for Fire Station in Potomac Yard" by Brigid Schulte, Washington Post, February 22, 2007. See City of Alexandria News Release dated May 18, 2007. See the Presentation by Mayor William D. Euille to the Metropolitan Council of Governments at their Retreat on July 27-29, 2007. See "Skinny Streets and Fire Trucks" by Reid Ewing, Ted Stevens, and Steven J. Brown, Urban Land. August 2007. Go to http://Alexandriava.gov/PotomacStation.
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