Work Begins to Redevelop Pierce Queen Apartments Into “Union on Queen”
November 05, 2014
--Groundbreaking Ceremony Held on November 5--
Greenbelt, MD – November 5, 2014 – The Bozzuto Group, a Md.-based real estate services company, and Wesley Housing Development Corporation, a 40-year old non-profit developer, in partnership with Arlington County, Capital One Bank, Hudson Housing Capital, Walker & Dunlop, and The Virginia Housing Development Authority, today broke ground on Union on Queen, the highly-anticipated redevelopment of Arlington, Virginia’s Pierce Queen apartment community.
Union on Queen will ultimately offer 193 residences – two of the historic garden style buildings in the existing Pierce Queen apartment community will be renovated, housing 12 apartment homes, and the remaining 181 residences will be located in a new 12-story high-rise.
When complete in 2016, the mixed-income community will provide Arlington County with 78 much-needed affordable apartment homes in a location convenient to transportation, employment and recreation.
Located at 1515 N. Queen Street between N. Pierce and N. Queen streets, near the Potomac River, across from historic Georgetown and downtown Washington, D.C., Union on Queen will offer easy access to Route 50 and I-66, as well as convenient transportation to the employment and recreation of the Rosslyn-Ballston corridor, Tyson’s Corner, Reston, and the District.
The community will receive four green building certifications, including LEED Silver, EarthCraftVA, Energy Star for Multifamily, and Arlington County Transportation Demand Management.
Resident amenities will include a clubroom with outdoor patio, fitness room, business center with think tanks, ample bike storage, rooftop deck with outdoor kitchen, and two outdoor terraces.
The project is being co-developed by Bozzuto Development Company and Wesley Housing. Bozzuto Construction Company is the general contractor and Bozzuto Management Company will professionally manage the community. Arlington County is providing significant subordinate financing; construction financing is provided by Capital One Bank; Walker & Dunlop is the permanent lender; Virginia Housing Development Authority awarded competitive 9% Low Income Housing Tax Credits to finance the project; and Hudson Housing Capital is the project’s tax credit investor.
“Amenity-rich, transit-oriented housing that is both affordable and well integrated into its community further catalyzes Arlington’s economic viability,” said Toby Bozzuto, president, The Bozzuto Group. “Union on Queen captures Arlington’s vision of creating an inclusive community even in the high-cost metro corridor.”
“The redevelopment of Pierce Queen into the new Union on Queen realizes the vision of the Ft. Meyer Heights North plan, while significantly increasing the amount of affordable housing for families that is close to transit, jobs, good schools and the services they need to build a better life,” said Shelley Murphy, president and CEO, Wesley Housing.
“The Union on Queen transaction is a pivotal redevelopment for Arlington and continues to add additional affordable units to this key employment area,” said Dee McClure, senior vice president, Walker & Dunlop. “Walker & Dunlop is pleased to have worked on this important transaction with Freddie Mac and provide a three-year Freddie Forward Commitment. We look forward to the project’s completion and additional affordable unit offerings to the market.”
About The Bozzuto Group
Headquartered in the Washington, D.C. area, and celebrating its 26th year in business, The Bozzuto Group is a diversified residential real estate company that provides a broad range of real estate services throughout the Mid-Atlantic and Northeast. The company's areas of expertise lie in homebuilding and multifamily development, as well as construction and management both for itself and its clients. The company’s skills have been attested to by the National Association of Home Builders, who recognized Bozzuto as the nation’s premier apartment development company, and twice as management company of the year.
Throughout The Bozzuto Group’s 26-year history, the company has developed, acquired and built more than 38,000 homes and apartments and currently manages more than 44,000 apartment units spread along the Atlantic Coast between Northern Virginia and Boston. The company is committed to providing quality housing for individuals of all income levels, producing and managing everything from luxury homes and apartments to affordable housing solutions. For more information, please visit www.bozzuto.com.
About Wesley Housing Development Corporation
Wesley Housing Development Corporation (WHDC) has worked to provide affordable housing solutions in Northern Virginia since 1974. Wesley Housing Development Corporation’s longevity and expertise in real estate development and property management have earned it a reputation as one of the most capable developers in Northern Virginia. We select and purchase land and rental communities, oversee property construction or rehabilitation and conduct condo conversions. Through our affiliate, Wesley Property Management Company (WPMC), we provide the full spectrum of relocation services and ongoing property management for our developments. Finally, Wesley Housing also offers a comprehensive range of on-site educational and supportive services for children, adults, seniors, and individuals with disabilities.
Since constructing its first community, Strawbridge Square Apartments, in the Lincolnia neighborhood of Fairfax County, Wesley Housing has developed or is in the process of developing:
• 25 communities;
• 1,600+ total housing units serving more than 20,000 residents;
• The region’s first affordable housing for people with chronic disease;
• The region’s first barrier-free housing community—Coppermine Place I and II, for individuals with special needs, featuring a building for senior residents and a building for individuals with disabilities.
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