Actual property funding firm CIM Group just lately bought massive residence neighborhood Southern Towers, Costar first reported, however what’s unclear now’s what meaning for reasonably priced housing within the metropolis’s West Finish.
Southern Towers is a 2,261-unit residence complicated that is without doubt one of the metropolis’s final massive bastions of market-rate reasonably priced and dedicated reasonably priced models — models which might be required to stay at a sure affordability. Helen McIlvaine, director of the town’s Workplace of Housing, mentioned Southern Towers has 105 dedicated reasonably priced models that have been largely established within the mid-2010s.
“They’re ten-year models,” McIlvaine mentioned. “Even at the moment, property possession had shifted to the subsequent era, they usually didn’t really feel ready to make a long term dedication… They’re fairly far into that life span. They’ve a lot of begin and finish dates, however the final of them expires early 2028.”
A few of these have been rented out in 2015 and 2016 and their dedicated reasonably priced standing may disappear within the subsequent couple years.
McIlvaine mentioned the town is sustaining discussions with the CIM Group, however that nothing has been set into stone but for the property’s dedicated reasonably priced models.
The town has had a working relationship with the corporate, which additionally owns the Mason at Van Dorn models close to Landmark Mall. McIlvaine mentioned the CIM Group has been a cooperative accomplice in earlier discussions about establishing lease aid for native residents in the course of the pandemic.
“We mentioned our want was to work with CIM group and proceed to help Southern Towers residents which might be experiencing revenue loss,” McIlvaine mentioned.
Southern Towers was the location of protests in the course of the pandemic with native residents pushing to cancel lease for residents who have been among the many thousands of locals laid off throughout the federal government shutdown.
McIlvaine mentioned the dialogue about lease aid remains to be ongoing. The Metropolis of Alexandria is providing rental assistance as much as $1,800 for many who misplaced their revenue resulting from COVID-19. These serious about lease aid can contact the town throughout enterprise hours at 703-746-4990. Qualifying residents should reside in Alexandria, have a documented lack of revenue, have been present on their lease by March, and fall inside income eligibility guidelines.
“We’re in fact very serious about ensuring we work with them intently to verify we hold residents of their housing now,” McIlvaine. “The prior administration firm was working effectively with us, and CIM is working with us effectively at Mason at Van Dorn, so we’re hoping for a easy transition.”
McIlvaine mentioned discussions about longer-term plans for the complicated’s reasonably priced housing is scheduled to renew as soon as the “mud settles” on the deal. With discuss of modernization and upgrades, in line with the Washington Enterprise Journal, there are considerations the complicated that homes lots of the metropolis’s lower-income communities could possibly be gentrified. The town’s provide of market-rate reasonably priced models has been in freefall for years, leaving the town scrambling to secure dedicated reasonably priced models.
“You see a whole lot of homeowners that are available and reposition and renovate and rents go up, McIlvaine mentioned. “We mentioned we have been involved about financial displacement — in fact they have been receptive to all of that… Whether or not there are different methods we are able to collaborate to protect affordability — that’s clearly what we do — however nothing on this preliminary dialog was closed down. We’re dedicated to remaining in contact to speak extra. There are individuals who have lived there 30, 40, and 50 years. We would like o ensure that there are people who find themselves not economically displaced.”