Republic Land Development has been tapped by Fairfax County to redevelop the Crescent Apartments at Lake Anne Village Center in Reston.
Washington Business Journal reports that the county has chosen Republic subsidiary Lake Anne Developers to redevelop the complex, which contains 181 units of affordable housing across five buildings. The county purchased the buildings in 2006 for more than $49 million and then rezoned the site to hold up to 935 residential units.
Development proposals for the site were required to include 181 affordable housing units for the current residents. But requests for proposals were issued in February 2012. When supervisors formally approve the development Tuesday, it will be more than a year past the originally scheduled selection date, according to the Business Journal.
According agenda for the Board of Supervisors’ July 9 meeting, the Lake Anne Developers plan “best demonstrates the ability and capacity to meet the county’s needs.”
Earlier this year, some residents raised concerns that the affordable units won’t be all that affordable.
In May, faith and community leaders urged developers to explicitly include the financing and design to ensure that current residents and other families earning between $30,000 and $50,000 a year are able to remain at Crescent after the development.
Read the full story over at the Washington Business Journal.