Community Presentation Project update, 3/20/2010

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Key Boulevard Apartments
A Transit-Oriented Redevelopment of
Affordable Housing
1545 Key Boulevard Arlington, Virginia
March 23, 2010
AHC Inc.’s Corporate Philosophy/Purpose
• Produce & sustain the
supply of high-quality rental
and owner-occupied housing
for lower- and moderateincome families.
• Advocate for the availability
of affordable housing.
• Ensure that AHC’s properties
enhance the quality of life
in the neighborhoods we
serve.
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Key Boulevard Property
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1545 Key Boulevard
Constructed in 1942
41 units in 3 buildings
Lot size = 1.24 acres
AHC acquired in 1982
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Current Property Condition
• Property built in 1942 (68 years old)
• Building systems past useful lives (heat, water,
etc.) and becoming problematic
• Inefficient doors, windows & appliances
• Handicap/Accessibility issues
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Rationale Behind Redevelopment
• Existing property requires major capital
investment; refinance
• Proximity to D.C.
• Walking distance to shops, services &
employment
• Five blocks from Rosslyn Metro Station
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The New Key Boulevard Apartments
• Building Proposal
– 8 stories (with top 2 stories set back)
– 225 total units ( 130 Condos; 95 Affordable Rental Units)
– Other amenities
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Underground Parking
Community Center
On-Site Management Office
Landscaped Courtyard
Secure Access
Modern efficient appliances and Green technologies/systems
Handicap Accessibility
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Aerial View
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Floor Plans - Garage and 1st Floor
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Floor Plans - 2nd – 6th Floors
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Floor Plans - 7th & 8th Floors
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Building Perspectives
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Unit Breakdown
Condominium Units – 130 Units Total
 1 BR - 63 Units
 1 BR w/ Den - 18 Units
 2 BR – 49 Units
Affordable Rental Units – 95 Units Total
 1 BR – 28 Units
 2 BR – 58 Units
 3 BR – 9 Units
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Neighborhood Building Heights
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Garden Right of Way Concept
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Garden Right of Way Concept
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Preliminary Development Schedule
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Public Meetings: Nov. ‘09 to March ‘10
County Site Plan process: May ‘10 – Dec. ‘10
9% Tax Credit Application: March ‘11 – June ‘11
Construction plans & permits: March ‘11 – Dec. ‘11
Construction: January ’12-January ‘14
Begin leasing and selling units
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Outreach
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Arlington County Board Members
Ken Aughenbaugh (Arlington Co. Housing)
Bob Brosnan (Arlington Co. Planning)
North Rosslyn Civic Association
Rosslyn Mews Townhomes Homeowner’s Association
VOICE
Alliance for Housing Solutions
Rosslyn Renaissance/Rosslyn BID
Neighbors – David Briggs, Roa Lynn & Ed Berenbaum
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Project Benefits
• No change to the General Land Use Plan required
• Creation of a Special Housing Protection District
• No rezoning required
– Existing zoning + transferred rights + additional density
for affordable housing
• No Affordable Housing Investment Funds required
– Condominium sales will fund financing gap
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Successful AHC Projects
• The Frederick & The Park
– 2230 N. Fairfax Drive
– Utilized unused land to
create 108 affordable
apartments & 98
condominiums
– 9-story mixed-income
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Successful Projects
• Bush Construction,
Development Partner
& General Contractor
• Station Square
– 1205 N. Garfield Street
– 309 Condo Units
– 10-stories, 100% marketrate
– Commercial Space
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Conclusion/Summary
• Existing Key Boulevard property needs to be
rebuilt due to aging; need to refinance
• Unique opportunity to replace old units
• Ability to add transit-oriented units
• Opportunity to more than double affordable
units by including market-rate condos
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Contact Information
Joseph Weatherly
Senior Project Manager
AHC Inc.
2230 N. Fairfax Drive Suite 100
Arlington, VA 22201
www.ahcinc.org
(703) 486-0626
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