September 22, 2020
Wesley Housing is excited to announce the advancement of ParcView II, a proposed affordable housing community in the desirable Landmark/West End neighborhood of Alexandria.
With a recent $400,000 loan from the City of Alexandria, the project team will conduct the leg work needed to move the proposed project through the City’s zoning and entitlement process.
Through the process, Wesley Housing intends to secure more dense zoning to build a second structure on what is currently the community pool and surface parking lot of ParcView Apartments.
Located at 5380 Holmes Run Parkway in Alexandria, Virginia, ParcView Apartments sits on a 3-acre site in the desirable Landmark/West End neighborhood of the city. The average household houses two persons and earns $28,411/year, less than 30% of the regional Area Median Income (AMI) of $100,800 for a household of two and less than half of the neighborhood’s median household income of $70,023 according to Enterprise Community Partner’s Opportunity360 Community Dashboard. The Dashboard further shows the neighborhood is comprised of 15.5% of people living below the poverty line, nearly double the percentage of the 8% in the Washington metro region at large, displaying a disproportionately high need for affordable housing.
Following the construction of ParcView II, Wesley plans to fully renovate the existing ParcView I building, which was last renovated in 2006 after the initial acquisition.
Wesley Housing ultimately envisions a vibrant community with a varied mix of family sizes, income tiers and age groups. The new approximate 291-unit structure will play a major role in helping to meet region-wide housing goals for new housing construction in Alexandria.
The real estate development team hopes to apply for federal Low-Income Housing Tax Credit financing by March 2022 after securing entitlements for the site.