As the Washington area apartment market continues to sizzle, landowners of all types are trying to get into the game, and that includes the Fairfax County government.
Two county agencies, the Department of Housing & Community Development and Office of Community Revitalization & Reinvestment, issued a request for proposals Feb. 9 for developers interested in replacing the Crescent Apartments complex with up to 935 new units that would augment Lake Anne Village Center in Reston.
The subsidized Crescent Apartments, built from 1964 to 1966, consist of five three-story garden-style buildings and a total of 181 units. Occupancy is restricted to households earning 60 percent or less of the area median income, which is $107,500, making the limit this year $64,500 for a family of four.
The 16.5-acre site, which the Fairfax County Board of Supervisors purchased in 2006, is located between Baron Cameron Avenue and North Shore Drive, about six miles west of Tysons Corner and two miles from Reston Town Center. The board leases it to the Fairfax County Redevelopment and Housing Authority, which manages the units.
County officials hope to leverage the Washington area’s historically low apartment vacancy rates and attractive construction costs to transform the existing apartment complex into a much larger “innovative and imaginative mixed-income residential development,” according to the request for proposals, one that would bring more residents and daytime employees to the Lake Anne Village Center area.
At the same time the county, recently ranked the third-most wealthy nationwide by Forbes, wants to see the new development continue to provide 181 units of subsidized housing.
County officials laid out a new breakdown for subsidized units that they want built into the new complex: 10 percent of the 181 units would be offered to households earning up to 30 percent of area median income, 20 percent to households earning up to 50 percent and 70 percent to households earning up to 60 percent.
The county expects that 750 units could be built solely on the Crescent property but that up to 935 units could be built if a developer consolidates nearby properties. Responses are due April 30 and the county expects to choose a partner by July 2.