The development is set to rise on undeveloped land adjacent to Legacy at Imperial Village, pictured right. (Google Maps)
A seven-figure land deal has cleared the way for a low-income housing development near Bellevue.
Earlier this month, Surber Development and Consulting purchased 3940 Rosedale Ave. for $3.3 million, city records show.
The 6.4-acre parcel is where Surber plans to build a $28 million project dubbed Bellevue Gardens. It’ll have 78 apartments across two three-story buildings.
The Bristol, Virginia-based firm exclusively builds housing developments for lower income residents, and Bellevue Gardens would be no exception. Units at the development would be available to households earning 30-80% of the area median income.
Surber bought the land from the New York- and New Jersey-based firms that own and recently renovated the adjacent Legacy at Imperial Village senior housing complex. The city most recently assessed the Surber parcels at a combined $2.2 million.
Owner Jen Surber said she’s hoping to break ground on Bellevue Gardens in August, with eyes on a fall 2025 completion. Morgan-Keller Construction is the general contractor.
Bellevue Gardens has a number of funding sources, including low-income housing tax credits from Virginia Housing and the state’s Department of Housing and Community Development. United Bank is providing construction financing, and Red Stone Equity Partners is the loan syndicator.
Surber is also working on a development on Lynhaven Avenue in Richmond’s Southside. That 50-unit project, which it’s taking on with the YWCA, is ongoing, Surber said.
Surber is one of a handful of income-based housing developments that have been filed with the city in recent months that would bring a combined 900 such units to the city
Lynx Ventures is looking to round out its New Manchester Flats development with 127 units on East Fourth Street, and Tennessee-based Elmington is looking to build over 250 affordable apartments in Swansboro and up to 400 units near Six Points in Northside.
The development is set to rise on undeveloped land adjacent to Legacy at Imperial Village, pictured right. (Google Maps)
A seven-figure land deal has cleared the way for a low-income housing development near Bellevue.
Earlier this month, Surber Development and Consulting purchased 3940 Rosedale Ave. for $3.3 million, city records show.
The 6.4-acre parcel is where Surber plans to build a $28 million project dubbed Bellevue Gardens. It’ll have 78 apartments across two three-story buildings.
The Bristol, Virginia-based firm exclusively builds housing developments for lower income residents, and Bellevue Gardens would be no exception. Units at the development would be available to households earning 30-80% of the area median income.
Surber bought the land from the New York- and New Jersey-based firms that own and recently renovated the adjacent Legacy at Imperial Village senior housing complex. The city most recently assessed the Surber parcels at a combined $2.2 million.
Owner Jen Surber said she’s hoping to break ground on Bellevue Gardens in August, with eyes on a fall 2025 completion. Morgan-Keller Construction is the general contractor.
Bellevue Gardens has a number of funding sources, including low-income housing tax credits from Virginia Housing and the state’s Department of Housing and Community Development. United Bank is providing construction financing, and Red Stone Equity Partners is the loan syndicator.
Surber is also working on a development on Lynhaven Avenue in Richmond’s Southside. That 50-unit project, which it’s taking on with the YWCA, is ongoing, Surber said.
Surber is one of a handful of income-based housing developments that have been filed with the city in recent months that would bring a combined 900 such units to the city
Lynx Ventures is looking to round out its New Manchester Flats development with 127 units on East Fourth Street, and Tennessee-based Elmington is looking to build over 250 affordable apartments in Swansboro and up to 400 units near Six Points in Northside.
It’s a nice part of town to, glad to see this in the works!