Fairstead's Old Town Alexandria, Virginia mixed-use project that will contain affordable housing, has broken the ground.
The $120 million initiative, dubbed Samuel Madden Homes, will redevelop 66 townhomes. The new plans call for 295,000-square-feet in total and 207 affordable homes, which will be reserved for those earning between 30% and 80% of the area's median income. The units will range from one to four bedrooms — inside a six-story building. Some amenities include internet access, a studio for podcasts, a game room, 7,500 square feet of open space and a courtyard.
Plus, the site is set to include an almost 500 square foot community food hub run by local non-profit, ALIVE!
Fairstead on the project is partnering with the Alexandria Redevelopment and Housing Authority. Also, financial collaborators include Freddie Mac, Virginia Housing and Boston Financial.
Known for building affordable communities in the U.S., Fairstead operates over 26,000 apartments across 28 states. In Virginia, the developer owns more than 1,300 residences.
“This is a defining moment for Fairstead and for the Alexandria community. As our first ground-up development, Samuel Madden Homes affirms our commitment to addressing the nation’s housing challenges through strong partnerships and long-term investment,” Jeffrey Goldberg, CEO at Fairstead, said in a statement.
“As we grow our ground-up development capabilities, our focus remains on creating high-quality, sustainable housing that strengthens communities.”
The redevelopment is scheduled to be completed in the fall of 2027.
At a recent gathering at the Federal Reserve Bank of New York, industry experts noted that a new wave of institutional capital is becoming a game-changer. Carmi Recto of the New York Fed’s community development team revealed that more than $18 billion was raised by investment managers for multifamily affordable housing in the last five years. She specifically noted that interest is "higher than ever" from non-bank investors such as pension funds.
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