A developer from Georgia is betting he’s found a peach of a location for an apartment building in Manchester.
Atlanta-based Bridgeland Development has applied for a special-use permit with the City of Richmond to construct a 50-unit, 72,000-sqauare-foot apartment building.
The $8.8 million project is being financed through the Virginia Housing Development Authority and is using low-income housing tax credits. Bridgeland primarily builds projects for low-income residents.
Gary Hammond, a principal with Bridgeland, said his firm is working in Virginia because the state is friendly to outside firms competing for low-income housing tax credit dollars.
“Oftentimes developers in our particular niche can only get one or two tax credit deals per year per state, so it’s not uncommon for developers in our field to cross state lines,” Hammond said. “Virginia is very pro business and fair to out-of-state developers.”
The Belle Summit Apartments will be built on a vacant lot on near Cowardin and Springhill just across the Lee Bridge from downtown Richmond. Hammond said that his low-income apartments and the residents he’ll be accepting shouldn’t be confused with Section 8 housing.
“A lot of people hear the phrase ‘low income’ and have the bad connotation of Section 8 housing,” he said. “In Section 8 projects, a majority of the residents have subsidized rent and the apartments are occupied by people, in many cases, who don’t work.
“Section 42 [low income] housing is designed for good, hardworking people who just happen to make what is defined as low income. Nobody is paying their rent for them.”
Hammond said his residents will make between $26,000 and $38,000 per year for a family of one to four people.
The general contractor for the project is a division of the company called Agile Construction. Most of the work will be done by local subcontractors, Hammond said.
Bruce Milam, a broker with Colliers International (formerly Grubb & Ellis | Harrison & Bates) who represents the Manchester lot’s owner, said that the deal on the land should close this fall and that the project should break ground in December.
“I’ve been representing this property for about a year and a half,” Milam said. “We were marketing it as both apartments and a retail location and dibs to whoever came along first. Bridgeland Development seems like a classy group.”
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