an account in the Falls Church Times.The project, located at 350 S. Washington St., has been held up innegotiations with a neighboring development at 360 S. WashingtonSt., which is about to be purchased by McLean, VA-based JeffersonOne. A call to the company was not returned to GlobeSt.com in timefor publication.
According to the Times, Jefferson One principal Bob Younghas pledged to work with next door Wilden property owners toresolve the differences that affect both properties. The FallsChurch Housing Corp. and Boston-based Community Builders are theprincipal backers of that project, which was previously known asCity Center South Senior Apartments.
Assuming this deal closes, it will be a new source of affordablehousing in a submarket where such projects are rare. That ischanging somewhat, as multifamily in general begins to take off andthe state of Virginia steps up its financial support of affordablehousing. For example, late last year Kettler sold a local apartmentbuilding called Fields at Westover with financing provided by theVirginia Housing Development Authority.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
