The Virginia Housing Development Authority’s headquarters at 601 S. Belvidere St. (BizSense file photo)
A major state development planned along Belvidere is heading to the back burner for the foreseeable future.
The Virginia Housing Development Authority’s board voted last week to delay moving forward on a planned 100,000-square-foot expansion at its headquarters at 601 S. Belvidere St.
The project has been in the works for years, with an eye on building the additional square footage on about 5 acres of neighboring undeveloped land. The agency went a step further in the spring by filing plans for the project.
However at its June board meeting, the VHDA, whose services include lending to homebuyers, and helping developers access financing and tax incentives, decided to put the project on hold, agency spokesman Brian Matt said. He added that they do not know when the project might be reconsidered.
The delay was spurred by the pandemic, the related uncertainty surrounding loan delinquencies and the need for the VHDA to be extra mindful of liquidity going forward.
Should the expansion materialize later, it would include a new five-story building and a two-floor underground parking deck.
The VHDA’s neighbor to the south, the Virginia War Memorial, wrapped up an expansion of its own earlier this year.
The Virginia Housing Development Authority’s headquarters at 601 S. Belvidere St. (BizSense file photo)
A major state development planned along Belvidere is heading to the back burner for the foreseeable future.
The Virginia Housing Development Authority’s board voted last week to delay moving forward on a planned 100,000-square-foot expansion at its headquarters at 601 S. Belvidere St.
The project has been in the works for years, with an eye on building the additional square footage on about 5 acres of neighboring undeveloped land. The agency went a step further in the spring by filing plans for the project.
However at its June board meeting, the VHDA, whose services include lending to homebuyers, and helping developers access financing and tax incentives, decided to put the project on hold, agency spokesman Brian Matt said. He added that they do not know when the project might be reconsidered.
The delay was spurred by the pandemic, the related uncertainty surrounding loan delinquencies and the need for the VHDA to be extra mindful of liquidity going forward.
Should the expansion materialize later, it would include a new five-story building and a two-floor underground parking deck.
The VHDA’s neighbor to the south, the Virginia War Memorial, wrapped up an expansion of its own earlier this year.