Land Use, Housing and Transportation Standing Committee to consider new apartments for East 4th Street

City Council’s Land Use, Housing and Transportation Standing Committee will consider designating 1021 East 4th Street as a revitalization area at their meeting this coming Tuesday.

This designation facilitates financing by the Virginia Housing Development Authority to assist private entities with the development of mixed use and mixed income projects. To obtain the designation as a revitalization area, City Council has to decide that the economic development of the area will benefit the city, but that area both lacks the housing needed to induce development, and that private enterprise and investment are not reasonably expected to develop housing in the area.

The 12.4 acre property part of the New Manchester Flats VI project (previously), which will provide 127 multifamily units. All of the units will be limited to 60% of the area median income (AMI). The project will be one four-story building, with the off-street parking behind the building.

The estimated project cost of the project is 32 million dollars, and will be financed with tax credit investments, deferred fees, and grants to close the gap.