Arlington Adds Affordable Housing to Columbia Pike

An 83-unit mixed-use affordable housing complex built on the site of a Shell gas station in Arlington is set to break ground early next year, according to developer AHC, Inc.

"We're scheduled to start construction on February 1" said John Welsh, Vice President of the Multifamily Division at AHC, Inc.  "And we plan to have the building done in eighteen months."

The $13 million, six-story building is designed by Cunningham + Quill Architects and will include ground floor retail space and two levels of below-grade parking.  The building is designed around a central courtyard, and the retail space faces Columbia Pike.  Plans call for the building to be built on two adjacent parcels - one at 870 South Greenbrier, largely a surface parking lot and undeveloped scrubland, and one at 5511 Columbia Pike, the former site of the Shell station.  Though that parcel did require environmental remediation - mostly the excavation and removal of contaminated soil - Welsh says that the previous owner handled it before selling to AHC.

The project will be funded, in part, by a $6 million loan from the Arlington County Affordable Housing Investment Fund (AHIF), and AHC's Multifamily Revolving Loan Fund, which consists of federally-funded Community Development Block Grants.  According to reports, 19 dwellings will be affordable to families making 50% of the AMI ($53,750 for a family of four), with the remaining 64 dwellings affordable to families earning 60% of the AMI ($64,500 for a family of four).

No word yet on who might occupy the retail space.  "Tiffany's turned us down," said Welsh, when asked about potential tenants.  "Just kidding."

Arlington, Virginia real estate development news

Alexandria Affordable Housing Complex Back on Track

An AHC Inc.-developed affordable housing complex at the corner of East Reed Avenue and Route 1/Jefferson Davis Highway, in Alexandria, is now slated for an early 2014 groundbreaking, after hitting delays earlier this year.

The latest iteration of the project, which has increased to 77 units, from an original 59, should head to the Alexandria City Council in December for final approval, according to John Welsh, Vice President at AHC.

"We're really happy with the design," says Welsh.  "The city planning office gave their opinion on it, and asked for a few minor changes.  Mostly design stuff - switching a metal accent to the other side of the building so it would be a stronger element on Route 1, that kind of thing."

The Bonstra-Haresign-designed building will offer 15 one-bedroom units, 51 two-bedroom units, and eleven three-bedroom units, at 60% of AMI (approximately $56,000/year).  The facade is "primarily brick, with a few other materials, and some metal accents to give it a nice polish," said Welsh.  The building will be five stories tall on the east side, and taper down to three stories on the west, and there will also be 77 below-grade parking spaces, a one-to-one ratio that marks a significant increase from the earlier design's 0.77 ratio, a number that caused some consternation among city planners as potentially insufficient.  Construction is projected to take 18 months, with leasing estimated to take until the end of 2015.

The project will sit on a joined plot consisting of a city-owned parcel at 3600 Jefferson Davis Highway and three privately-owned parcels controlled by AHC.  Funding is being provided by a package of AHC funds, a $1.1 million-plus affordable housing loan from the city, and tax credits, the application deadline for the latter contributing, at least in part, to past delays.

Affordable Housing Complex Delayed

A proposed 59-unit affordable housing project in Alexandria, at the corner of East Reed Avenue and Route 1/Jefferson Davis Highway, has been delayed a year after developers at AHC, Inc. missed a mid-March deadline for their affordable housing tax credit application.  Developers are now aiming for a March 2013 application.

Though the project has been in the works for almost two years, a number of issues prevented the application from coming together in time. While city planners supported the project, calling it "an excellent opportunity to secure affordable housing, with minimal City financial support, in an area that will soon redevelop in a way that would likely make such a project unfeasible in the future due to escalating land values," they also raised concerns over the streetscaping. Planners also cited the possibly inadequate amount of parking contained in the proposed design (0.7 spaces per unit rather than their preferred ratio of 1.1 spaces per unit), and redesigns couldn't be produced in time to accommodate required public hearings and the tax credit deadline.

The proposed project, designed by Bonstra | Haresign, would assemble the city-owned parcel at 3600 Jefferson Davis Highway with three privately-owned adjacent parcels at 120 and 118 E. Reed Avenue (which AHC currently has under site control), as the site of a five-story multi-family apartment building, owned and operated by AHC.  Preliminary concept plans call for one- and two-bedroom units at 60% of AMI (about $56,000/yr), though the exact orientation of the building is still under discussion.

"We're still talking about the exact placement of the building," said John Welsh, Vice President at AHC, of the present timeline.  "Ideally, we'd like to conclude zoning and planning by the summer, apply for the financing in March of next year, close sometime in July, and then start construction in the fall.  The city is still interested, they've just asked for some followups.  We're going to keep this thing going."

Complications relating to funding may also have contributed to the delays.  The project is being funded by a complicated package of tax credits, AHC investment, and an approximately $1.1 million affordable housing loan from the city.  AHC would pay market value to the city for the vacant lot at 3600 Jefferson Davis Highway, but would seek to defer this payment (with interest) until after the 15-year tax credit period.  The addition of a parking garage caused the amount of the required city loan to balloon, necessitating another analysis by the City Office of Housing, and a redetermination in the amount of the loan.

AHC, Inc., a nonprofit developer of affordable housing, has developed 38 housing projects since 1975 containing over 3,200 units; this is their first project in Alexandria.

Alexandria, Virginia real estate development news

Standing Tall in Arlington

By Beth Herman

Loosely translated from the Greek, Macedonian means "tall one." Though the eponymous 36-unit apartment building in Arlington, Va., 2229 Shirlington Road, may be only four stories high, it clearly stands tall among its residential peers as the first new construction multifamily affordable housing development in the city to achieve EarthCraft certification. EarthCraft is the standard by which the Virginia Housing Development Authority (VHDA) evaluates energy efficiency.

With a confluence of ideals reflecting community enhancement and sustainability, nonprofit affordable housing developer AHC Inc. and property owner Macedonia Baptist Church partnered in 2008 to conceive the Macedonian. Opening this month in a historically African-American neighborhood comprised largely of single family detached bungalows and newer town homes, by design the building trumpets the church’s mission, as stated on its website, to help transform people’s lives.

“The county had undertaken a big redevelopment process for this community, developing a new planning tool called the Nauck Village Center Action Plan (in 2004),” said John Welsh, AHC director of its multifamily division. Constructing the nearby 94-unit Shelton in 2007, winner of two AIA/DC awards and one Arlington County Design Award, Welsh and colleagues soon entered into a dialogue with the church about the church-owned parcel that would eventually become the Macedonian.

Offering development expertise and acquiring funding in the form of $3.9 million in VHDA tax-exempt bonds, $2.7 million in tax credit equity, $550,000 in deferred development fees, a county cash flow note of nearly $3.5 million, and TCAP funding of about $2.4 million, AHC teamed with Bonstra Haresign Architects and Bozzuto Construction to create a multi-use structure that also designates 2,000 s.f. of commercial space for shops and the church-affiliated CDC, and acts as an incubator for several area start-up businesses.

Air Share

According to Thomas Wallinga, AHC construction manager and former architect with Bonstra Haresign, while energy efficient lighting and appliances were standard on the path to EarthCraft certification, additional unit sealing to prevent energy leakage was high on the construction agenda, as were low-emissivity double-pane windows and low-flow fixtures.

"But the most unusual thing we did was actually the mechanical system,” Wallinga said, identifying a Mitsubishi variable fluid flow (as opposed to air flow) system: the CITY MULTI R2-series. Used largely in Europe and Asia, up to nine units operate off of one condenser in a two-pipe system, according to Wallinga. In this respect, energy is shared between individually-metered units so that one tenant can use heat and another air conditioning, simultaneously, a common practice in transitional seasons like spring and fall. “It balances things out at a much higher efficiency level than typical heat pumps,” he explained.Per Welsh’s description of the process, the Mitsubishi product works like an old hydronic system but utilizes Puron, an environmentally safe refrigerant. He explained that the system is relatively new in the U.S., has not been used residentially, and there is no existing method to determine a SEER (seasonal energy efficiency ratio) rating.

Virginia Tech is said to be studying the product for testing and rating purposes. In order to meet aesthetic standards as well as sustainable design goals, the team located nine Mitsubishi condensers in the ventilated parking garage, instead of as eyesores on the lawn or the roof, in part to showcase a modular “live roof” system that includes concrete paver patio space for residents. Featuring sedum, large individual trays of plantings sit atop a secured, reflective, watertight roof membrane to reduce storm water runoff. Green carpeting suffuses the patio area to the parapets, with stone edging, so the roof membrane is not visible.

Framing was done in 2x6 construction, with Lycene—a closed-cell spray insulation system—used for optimal energy efficiency. Low-VOC paints and sealants were used, and recycled content is evident in materials that include carpeting, though carpeting was kept to a minimum.

A floor for more

“We wanted something that looks better and is more durable in terms of tenant changeovers,” Wallinga said, citing the use of Amtico flooring. A vinyl product that is “heavy duty” but aesthetically imitates fine wood, the 4x36-ft. strips resemble a warm cherry floor, the results achieved by photographing wood and transferring to the vinyl printing process for a plank look. While bedrooms are carpeted, kitchens, living rooms and hallways utilize Amtico, with any damage easily rectified and expense mitigated by replacing just a single strip, when necessary.

“The building is also smoke-free—you can’t even smoke on the balconies” which is what the church wanted in its pursuit of a healthier environment, Welsh explained. “And by cutting the use of carpeting by 50 or 70 percent, we’re cutting down on allergens for a better breathing environment, not to mention decreasing maintenance costs and landfill impact by having to rip it out when someone moves out.

Five designated ADA units have requisite roll-under kitchen and bathroom cabinets and roll-in showers, with audio-visual adaptation if a tenant is hearing or visually-impaired, but all other units are partially adaptable if necessary. Noting 529 people had made inquiry about the building, Welsh said 64 applications had been received to date and about a dozen residents have moved in.

"The Macedonian looks like market-rate apartments,” Wallinga said. “There’s nothing to distinguish this type of affordable housing from anything you’d see in a condo or market-rate building.”

photographs courtesy of Anice Hoachlander and Thomas Wallinga

Arlington's Affordable Housing: Macedonia Near Completion

Bonstra Haresign Architects and Nauck Development Partners (NDP) have nearly completed construction of Macedonia, the affordable housing building for the Macedonia Baptist Church in Arlington. NDP is a partnership between the Church, the Bonder and Amanda Johnson Community Development Corporation (BAJCDC) and AHC Inc.

"We've tried hard to create a building that does not look like affordable housing," said David Baker, senior architect at Bonstra Haresign.

Construction for the four-story building of 36 one-and two-bedroom units began in 2009 and will be available for move-in by the end of this month for residents making less than 60% of the area's median income. 40,000 s.f. of space will be dedicated to offices, one of which will house the BAJCDC. The $14 million project was funded by low-interest loans, a county grant and $6 million in county funds.

The most challenging aspects of the project has been the topography of the parcels at 2219, 2229 and 2237 South Shirlington Road. "There's a large slope which means the rear at Garfield is ten feet higher in the back. This made addressing parking access more of a challenge," said Baker.

The building is EarthCraft certified, Virginia Housing Development Authority's version of LEED certification. Every tenant will have a balcony as well as access to the lower green roof common area.

Along with AHC Inc. and JBG, Bonstra Haresign is also designing The Jordan, a four-story, low-income, 90-unit building three blocks from the Ballston Metro. The Jordan is similar to the Macedonia in that both buildings are predominantly masonry, said Baker.

The development resides on the former Bob Peck Dealership and Showroom site at Wilson Boulevard and North Glebe Road. JBG is now building out its plans for 800,000 s.f. of mixed-use development at the location, requiring a land swap between JBG and AHC.

Baker said The Jordan will be ready by the end of this year.

Arlington, Virginia real estate development news

Rosslyn Mixed Income Apartments Redeveloped "Using Density Not Dollars"

In their quest to redevelop Key Boulevard apartments, AHC Inc. has adopted a slightly augmented proposal and a brand new motto: "Using density, not dollars." That is the team's credo for tackling the challenge of nearly doubling the number of affordable housing units on the 1.24 acre site while staying within limited density allowed by the County's Zoning guidelines. But with available space near public transit in Arlington quickly drying up, AHC is relishing the chance to secure affordable, transit-oriented apartments near one of the busiest Metro stations in the D.C. region.

Although traditionally the goal of AHC Inc is to pack as much affordable housing into a development as possible, with this project half of the proposed 160-170 units reserved as affordable housing. But developing a mixed income community makes the project more financially sustainable, and most-importantly, negates the need for County subsidies, a selling-point in the approval process. Indeed, compromise is the name of the game, and in cooperation with the surrounding neighborhoods, developers have reduced the bulky mass and originally proposed height of eight-stories, to a slimmer, more manageable, and community-requested six floors. But support for the building's size and density is far from overwhelming, so developers will continue to appeal for more widespread community input and support, as they feel theirs is a worthy cause.

Built in the 1940s, the aging affordable apartment community is a reminder of inequality and inefficiency amidst the ever-expanding hustle and bustle of the business-centric Rosslyn. Not far from where two of the regions soon-to-be-tallest buildings recently broke ground, aging heating systems, inefficient windows and appliances, no central air conditioning, and handicap accessibility issues make the 41-unit building at 1545 Key Boulevard a candidate ripe for a radical makeover.

To put their new motto to the test, AHC is proposing to transfer development rights from an affordable apartment community they finished renovating in 2007. Because the project adhered closely to the historic character of the Gates of Ballston aesthetic, with its low-rise garden-style design, the project remained under developed, leaving excess development rights available for transfer and reuse. This technique is rather common, reports AHC, but transferring rights from one neighborhood to another (Ballston to Rosslyn) is "an innovative approach to maximizing affordable opportunities in the transit corridor." Although it's uncommon to transfer development rights from projects separated by some two miles, developers believe the opportunity to create transit-oriented, energy-efficient, affordable housing justifies the unique strategy.

Preliminary architectural schematics for the 70 ft. tall building are being offered by WDG Architecture. Developers have purposefully offered limited detail in their renderings; in order to remain adaptable and responsive to the always evolving back and forth of the community involvement process; Joseph P. Weatherly, Senior Project Manager at AHC explained his team had refrained from "engaging WDG to put too many specific ideas on paper until we feel like we have more comprehensive support from the entire community." However, designers have included planning for a rooftop terrace and green roof. The proposal also includes underground parking, a community center, neighboring park, and a landscaped courtyard. The community center would serve as a base for various resident programming, including after-school programs for children. AHC continues to work diligently alongside Bush Construction Corp., their general contractor and development partner. But with community dialog still ongoing, and the County Site Plan approval process still to come, developers don't expect construction to commence until at least January of 2012, and the expected delivery date arriving some twenty four months later.

Arlington, VA Real Estate Development News

Affordable Housing Comes to the Peck Site

Tomorrow the fulfillment of promised affordable housing in Ballston will be one step closer as developer AHC Inc. "breaks ground" on a parcel that was once part of the Bob Peck Dealership and Showroom site in Ballston. The project, thanks to a creative land swap between JBG and AHC during the planning process, will bring 90 units of affordable housing within a quarter mile of the Ballston Metro Station, 66 more than would have been possible without the swap. Tomorrow's celebration is not exactly a traditional groundbreaking, as JBG already began construction on the neighboring office building and the parking garage that will sit below the new residential project. But who doesn't love a party?

Designed by Bonstra Haresign Architects and developed by AHC, on a portion of the JBG Companies' land, the new building will sit on top of the 600+ space garage, which will largely serve JBG's office building. Work on the garage by JBG's general contractor, Clark Construction, is nearly complete and in July, AHC and Harkins Builders will begin work on the four-story affordable residential project. According to Curtis Adams of AHC, the project should deliver by summer of 2011.

The land swap made for "complicated real estate" admitted Adams, but "everyone agrees that the best land use came about in the end." AHC originally owned Jordan Manor, which sat across the street at Wilson Boulevard and North Wakefield Street, and wanted to develop a denser project than planning would likely allow. Nearby, JBG sought a lower density residential project to neighbor its large office project. So after some prodding and negotiating, they swapped, keeping the density all on one site. JBG will develop 28 townhouses on AHC's 1.1-acre Jordan Manor Site, keeping it lower density.

The entire development on the "Peck site" will deliver two office buildings with over 400,000 s.f. of office space (pictured at right) and 36,000 s.f. of ground floor retail space, designed by Cooper Carry.

Arlington, Virginia real estate development news

AHC Plans 8-Story Condo for Rosslyn

A three-story apartment complex in Rosslyn could soon be replaced by an eight-story condo and apartment building, bringing upwards of 225 units of metro-centric residential development. AHC, Inc. owns the 67 year old, 42-unit building at 1545 Key Boulevard, five blocks from the Rosslyn metro. AHC plans to build up the 1.24 acre site to replace the outdated building in need of serious upgrades. If all goes according to plan, the new development could be ready for move-in within four years, including planning, permitting and construction.

The developer's rationale behind replacing the existing building with a larger new building is related to concerns over the energy-efficiency of the building, aging systems and handicap-accessibility issues, among others. AHC began the planning process for the development considering the "significant investment needed to address the various deficiencies" and the site's "proximity to D.C."

The proposed project would include between 175 and 225 condominium and affordable rental apartment units with below-grade parking.

AHC's initial timeline includes 1-2 months of community outreach, followed by up to 12 months of planning and review, up to 12 months for permitting and approximately 24 months for construction. The group hopes to submit a site plan application to the County by June 2010. AHC is working with Bush Construction Corp. as their general contractor and development partner for the condo element of the project. Though the group has been consulting an architectural firm, there is currently no architect of record.

More Money for Macedonia

The Arlington County Board has approved up to $2.855 million in low-interest loans for the Nauck Development Partners' (NDP) affordable housing redevelopment of the Macedonia Baptist Church

in Arlington. Per the terms of the approval, all of the building's 36 units are to remain "guaranteed affordable" for a minimum of 75 years.

NDP, which is a partnership between the Church, the Bonder and Amanda Johnson Community Development Corporation and AHC Inc., previously sought another $2.86 million low-interest loan and $40,000 County grant from the Board in January - both of which were summarily approved. NDP has secured $14 million in financing for the project, nearly $6 million of which is drawn from County funds. Part of the Macedonia's funding package will come in the form of 4% tax credits and tax-exempt bond financing via the Virginia Housing Development Authority, which the development team had been vigorously pursuing since last summer.

Located on three neighboring parcels at 2219, 2229 and 2237 Shirlington Road in the Virginia suburb of Nauck, the Bonstra Haresign-designed Macedonia will host the aforementioned 36-unit affordable in addition to two sections of commercial office space and a “small business incubator.” AHC Inc.’s Project Manager, Curtis Adams, told DCmud last December that the development team plans to begin construction in the late spring of 2009.

Arlington's Affordable Housing Haven

Affordable housing developers, AHC Inc., have opened the doors on their newest project, The Shelton, at 2310 Shirlington Road in the Arlington suburb of Nauck. The developer is billing the 94-unit development as an “affordable apartment community” – one that boasts a presidential pedigree with units named after former Commanders-in-Chief - Madison, Jefferson, Harrison (we don't know which one) and Washington, respectively - and rents that range from $636 for an efficiency, up to $1401 for a three-bedroom. According to the developer, "almost half the apartments are already leased" in the 4-story, 103,138 square foot building. Bonstra Haresign ARCHITECTS and Harkins Builders rounded out the development team, which began work following the 2007 demolition of the Fairview Manor Apartments.

The Shelton is the first AHC project to wrap up in recent months, but more are on the way. Other affordable housing projects in the Northern Virginia developer’s pipeline for 2009 include their partnership with the Macedonia Baptist Church of Arlington, the planned Westover Apartments (also of Arlington) and the Jordan Manor in Ballston - which is scheduled to begin construction in March and will share the same architect and general contractor as The Shelton.

Arlington Virginia commercial real estate news

Macedonia Invades Arlington

Another 100% affordable housing development is making its way to Arlington, this time in the form of the Macedonia Apartments. Much like the nearby Views at Clarendon project, the Macedonia, too, is the product of a joint venture between a local church - in this case, the Macedonia Baptist Church - and two local development initiatives - AHC, Inc. and the Bonder & Amanda Johnson Community Development Corporation (BAJCDC).

Occupying three neighboring parcels at 2219, 2229 and 2237 Shirlington Road, the Macedonia will be a 36-unit, four-story apartment complex, composed of 19 one-bedroom and 17 two-bedroom units for Arlington residents earning less than 60% of the area median income. The remainder of the building's 40,000 square feet will go toward two sections of commercial office space. One will be dedicated to new offices for the BAJCDC, whose current office stands at 2229 Shirlington Road and will be demolished to make way for the Macedonia; the other will serve as “a small business incubator.”

AHC, Inc.’s Project Manager, Curtis Adams, elaborated on exactly what that means. “Other cities have these economic development programs…where there are shared costs of overhead and sometimes shared administration costs,” says Adams. “[Then], people who have an office space to work out of can hopefully start to create new jobs in Arlington.” The project is being designed by Bonstra Haresign Architects.

Additionally, the County’s Department of Human Services has recommended a grant of $40,000 for “four permanent Supportive Housing units” in the complex - intended to provide accessible housing for the disabled. This is well-worn territory for AHC – they currently own and operate a total of 3,337 apartments throughout 28 rental communities, all of which are designated as “affordable housing" with some especially suited to the needs of the handicapped.

The Macedonia Baptist Church originally acquired the parcels on either side of the BAJCDC back in 1999 with the intent to “revitalize the Nauck neighborhood and provide affordable housing to area residents.” Since that time, the church has taken on AHC as the project’s Development Manager and created a nonprofit entity, the Shirlington Road Development Corporation, to pursue low income tax credits for the Macedonia. Though the development team’s request for permits was unanimously approved by Arlington County Planning Board in May of this year, the timeline is currently contingent on a new round of funding.

“Orginallly, we were hoping to begin construction this summer. We failed to win low income housing tax credits for the project, so we’ll be going in and competing for a whole new round of funding come January,” says Adams. “We hope to begin construction in the late spring of 2009.”

The Macedonia is just the latest in a rash of affordable housing projects under development in the metro area. Other low or mixed-income developments in the pipeline include the aforementioned Views at Clarendon, the Parc Rosslyn, the James Bland revitalization, and the Fort Myer Heights North Plan in Northern Virginia; Northwest One, Hartford Knolls, the Pollin Memorial Community Development, Donatelli's Minnesota-Benning project and Temperance Court in the District; and the Edgemoor project in Bethesda.

Peck Site Swap Yields Affordable Homes

A recent approval by Arlington County has paved the way for a new affordable housing project in the center of Ballston. The JBG Companies have long had plans for 800,000 s.f. of mixed-use development on the former Bob Peck Dealership and Showroom site in Ballston, but the project lacked an affordable housing component. Arlington-based AHC Inc., which provides affordable housing locally, wanted a higher density development at its neighboring Jordan Manor project, an affordable housing site. But the thought of two high-density developments in close proximity troubled some in the planning process. Arlington, seeing an opportunity for a deal that would please both parties and yield affordable housing for the county, facilitated a land swap between the two developers.

The result was a plan for 90 affordable rental units, designed by Bonstra Haresign Architects and developed by AHC, on a portion of the JBG Companies' land, keeping the density all on one site. JBG will in turn develop 28 townhouses on AHC's 1.1-acre Jordan Manor Site, keeping it lower density. The board approved the affordable housing plans last Saturday.

AHC Project Manager Curtis Adams said his company wanted to build a higher density project on their adjacent site and submitted plans to Arlington around the same time as JBG. "We had been interested in developing our property into higher density and JBG was doing their big development, and we knew that it would hurt our chances of getting the density we wanted. The county pushed for a land swap - they are building townhouses on AHC property and we will take room on their site to the higher density that we wanted."

Adams said his company will demolish the existing 24-unit Jordan Manor that they own and operate to prepare for the approved land swap that will take place in December of this year. The affordable housing component will deliver two buildings, the Wilson and the Wakefield, and is a benefit to the master developer who can now boast the affordable units as a community benefit and not just a large mixed-use development. As project architect David Haresign said, "It is an important component of the project because JBG is now able to show a project with affordable housing."

When the larger project was initially approved in February, County Board Chairman Walter Tejada said, "The project has it all...it adds to our stock of affordable housing in the Metro Corridor."

The entire development on the "Peck site" will deliver two office buildings with over 400,000 s.f. of office space and 36,000 s.f. of ground floor retail space as well as the 28 townhomes on the demolished Jordan Manor site. The commercial space, JBG's portion, was designed by Cooper Carry.

Other community benefits include LEED certification for both office buildings, new traffic signals, after-hours public parking, and pathways connecting the two buidlings. Projected rents on the affordable units range from $1,050 for a one-bedroom unit to around $1,500 for a three-bedroom unit. The majority of the affordable units will have two or three bedrooms.

Bowman Consulting is the civil engineer and landscape architect for the entire complex.

Arlington Virginia real estate development news

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