ALEXANDRIA, Va., July 27, 2018 /PRNewswire/ -- The Alexandria Redevelopment and Housing Authority (ARHA) and Alexandria Opportunity Housing LLC, an affiliate of CRC Partners LLC, CRC Companies LLC, CBG Building Company LLC, CV Services Group LLC and its related companies ("Development Partner") have determined the plan to rebuild the Andrew Adkins development is no longer feasible. As a result, the planned 476-unit community will not move forward.
"Despite our best efforts, after exhaustive negotiations with our Development Partner over a nearly two year period, ARHA has determined that it is not possible for this project to move forward with the proposed financial structure. Rising construction costs were certainly a contributing factor," said ARHA CEO Keith Pettigrew.
"This is very disappointing news for ARHA and the community as a whole. ARHA was and continues to be committed to the redevelopment of Andrew Adkins. ARHA continuously demonstrated its dedication to the project throughout the negotiation period, but the modifications to certain financial aspects of the deal and other concessions requested by the Development Partner were not in the best interest of ARHA or the community it serves," said Pettigrew.
ARHA currently owns and manages the 90 homes at Andrew Adkins, which was built in 1969 and is among the most valuable in ARHA's portfolio. It is adjacent to the Braddock Road Metro Station, steps away from Old Town and three blocks away from the Charles Houston Recreation Center.
This announcement merely represents a temporary setback for the revitalization of this community. ARHA remains committed to making the redevelopment of the Andrew Adkins community a priority. The agency is undertaking an updated evaluation of its real estate portfolio, including the sites previously designated several years ago for redevelopment. The assessment will be completed over a several month period, and will provide ARHA with the necessary market and other information required to address the sequencing of each property to be redeveloped.
In closing, Pettigrew said, "We want to proceed in the smartest way possible. We remain committed to redeveloping our properties for the long term and for the benefit of all residents of Alexandria."
About Alexandria Redevelopment and Housing Authority
For over 70 years, the Alexandria Redevelopment and Housing Authority has provided affordable housing, economic opportunities and a suitable living environment free from discrimination for the citizens of Alexandria. Our mission is to be an industry leader in the development and management of model mixed income communities that provide the opportunity for residents to achieve self-sufficiency and to participate in economic opportunities that are made possible through this model.
To learn more, visit http://www.arha.us/.
SOURCE Alexandria Redevelopment and Housing Authority