Standard Communities is developing 240 apartments on Route 1 in Woodbridge. The development aims to remake Jefferson Square, the dilapidated shopping center next to Marumsco Plaza.
The development will be considered low-income housing. Residents must spend no more than 60% of what they earn annually on housing to live there.
Read more in a Standard Communities press release:
The Prince William County project, Jefferson Plaza Apartments, is capitalized at approximately $67.5 million. Nationally, Standard currently has more than 2,000 units in its new construction pipeline. Funding for Jefferson Plaza Apartments was secured through Virginia Housing as the issuer of
tax-exempt bonds, and Freddie Mac provided Low Income Housing Tax Credits through Hudson Housing Capital.Jefferson Plaza Apartments, at 1305 Jefferson Plaza, will comprise seven 3-story buildings with 147 one-bedroom and 93 two-bedroom units. The community, being built on a 7.6 acre site of a former shopping center, is a transit-oriented development in the Route 1 Corridor within walking distance of the Woodbridge Virginia Railway Express station and close to I-95, with nearby shopping, restaurants and more.
The property will be income-restricted to 60% of the Area Medium Income, making the units affordable to middle-income families and essential workers.
Jefferson Plaza will feature 354 parking spaces for residents, a 3,000 square foot club room, co- working space, a fitness center, bike storage, a playground and recreational area, greenspace and
a dog park. Residents will have direct access to an adjacent park to be built out as part of the project.“We are proud to provide financing and vital housing tax credits that will help make the construction of 240 new apartment homes a reality,” said Janet Wiglesworth, Interim CEO of
Virginia Housing.Based in New York and Los Angeles, Standard has a national portfolio of almost 20,000 apartment units and has completed more than $4.7 billion of affordable housing acquisitions, rehabilitation and development nationwide.
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