Fairstead Celebrates Topping Out of Redevelopment in Alexandria

National real estate company Fairstead recently celebrated the topping out of the $120 million Samuel Madden Homes redevelopment project in Alexandria, Virginia.

Created in partnership with Harkins, the Alexandria Redevelopment and Housing Authority and The Communities Group, the six-story, 295,000-square-foot mixed-use project will feature 207 affordable housing residences for residents earning between 30% and 80% of the Area Median Income.

Fairstead, its project partners and local officials gathered to celebrate the milestone, which marked the completion of the building’s structural framework and continued progress on the redevelopment. Planned for completion in 2027, the project will also include community gathering spaces, a new neighborhood food hub and other amenities.

Financial partners on the project include Boston Financial, Freddie Mac, Virginia Housing, Sterling Bank and the City of Alexandria. The financing structure leverages a U.S. Department of Housing and Urban Development Section 18 transaction, combined with Low‑Income Housing Tax Credits and Energy Efficiency Tax Credits.