The Bozzuto Construction Company began site preparation work in January, and developers expect the project will begin construction in earnest this summer. The legal decision comes 7 years and 5 lawsuits after the Church hired the Arlington Partnership for Affordable Housing (APAH) to consult on the need for affordable housing in the region, a study that culminated in the Church selling the land to a non-profit entity for $5.6m, with a set of plans for a 10-story building. The Church intends to use its funds, party derived from the sale, to purchase back two floors within the new development.Nina Janopaul, President of APAH, says the ruling is consistent with fairness of the transaction. "There are many, many precedents for church and affordable housing projects, including the Macedonia project here in Arlington. We did the same thing there; in a slightly different set of circumstances...the church in this case gets compensation for the sale of its property, as is appropriate." Janopaul says the transaction was arms-length
and did not disproportionately benefit the Church. "The sale price was well below the $14m appraisal for the property. That's pretty reasonable for a full acre of land in the heart of Clarendon...Clarendon literally has no affordable element in any of the new housing that has gone up."Arlington developers face of choice of providing affordable housing or contributing to a fund for that purpose, some of which was used to provide a low-interest loan to the non-profit owner of the project. Janopaul says that while repayment of the loan to the county is always a struggle for a low-income housing provider, the market rate element of the Views will expedite that process. "Mixed-income properties are a little more robust in paying back those loans."

The residence is being designed by Arlington- based MTFA Architecture, Inc., which plans to achieve LEED Silver status for the project. Views at Clarendon will be operated by Bozzuto Management.
Arlington Virginia real estate development news
1 comments:
We here at Bean Kinney & Korman are very pleased with this result. For those interested in more information regarding the legal issues and nuances, there is a post up on our firm's blog here:
http://www.valanduseconstructionlaw.com/2010/04/articles/litigation/views-at-clarendon-case-dismissed/
Post a Comment
Commercial ads will be deleted, so don't even think about it.