BLVD has announced the redevelopment of a 150-unit affordable waterfront apartment complex, Aqua Vista Apartments, in Newport News, Virginia, US.
Constructed in 1870, the building has not been renovated for more than five decades.
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The project includes the conversion of the property’s buildings systems from gas to electric power to minimise its carbon footprint, and enhancements to the building envelope such as new roofing, insulation, windows and doors.
In addition, upgrades will be delivered to each home’s kitchens and bathrooms such as new appliances and flooring, as well as energy-saving LED light fixtures.
It also includes the expansion of facilities such as BBQs, a playground, a dog park, a business centre, a community room and a new leasing office.
The $13.5m redevelopment project will improve the residential community and preserve its affordability for the future.
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By GlobalDataBLVD acquisitions director George Saad said: “We are pleased to partner with Virginia Housing and Enterprise Community Investments to preserve and extend the affordability of Aqua Vista Apartments through a creative and collaborative 4% LIHTC acquisition.
“With the renovation of every unit, expansion of property amenities and funding of an on-site support service programme, we hope to improve the quality of life for residents.”
Upon completion, the property will receive the Enterprise Green Communities certification.
Furthermore, the company is working on partnering with a local social services provider to promote awareness among the community’s residents on personal finances, development and a range of related topics.
Hooker De Jong Architects is serving as the architect, Virginia Housing as the construction lender, Metro Group Services as the general contractor and Enterprise Communities as an equity partner for the project.
Virginia Housing Rental Housing managing director JD Bondurant said: “The renovation of these ten buildings speaks to our commitment to revitalising communities and bringing quality, affordable homes to as many Virginians as we can.”
