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Ashland Capital to Build 842-Unit Mixed-Income Community in Old Town Alexandria
New York-based Ashland Capital Partners plans to redevelop an aging apartment complex in Old Town Alexandria into an 842-home mixed-income community.
The firm acquired Heritage at Old Town, a 1970s, garden-style apartment community, in November for $48 million and plans to demolish it to make way for a new mixed-income community. Of the planned 842-units, 219 will be earmarked as affordable, replacing the existing 140 affordable units and 104 market-rate units. The new development will consist of three new buildings atop an underground garage with 813 parking spaces.
Of the 219 affordable units at the new development, 188 will be affordable to households making 40% or less of the area median income and 31 units will be affordable to households making 60% of AMI. The city of Alexandria is set to review the plans for the redevelopment on July 15, before moving through the regular entitlement process.
For comments, questions or concerns, please contact David Cohen
- ◦Development
