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ARLINGTON, VA-Local officials came out yesterday for a grand opening fete to celebrate Silverwood Associates’ public-private redevelopment of the dilapidated Columbia Heights Apartments into the Monterey Apartments, a 109-unit affordable housing property.

The five-structure apartment community–which features units reserved for those households with annual earnings that are 50% to 60% below the area median income–is part one of a two-part endeavor at the former Columbia Heights Apartments that will also create the 96-unit Sierra Condominiums. “This is the first of many new exciting projects, many of which are in the planning or early construction stages, that will revitalize the Columbia Pike corridor over the next few years,” Mark Silverwood of Silverwood Associates says.The condo development will contain predominantly market-rate residences, creating a mixed-income environment at the site. spokesperson Leslie Braunstein of Silverwood tells GlobeSt.com that a lump sum price tag of $37 million covers the acquisition of the Columbia Heights Apartments, redevelopment of some of the original structures into the Monterey Apartments, the demolition of two other existing buildings and the development of the Sierra Condominiums property.

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