Tuesday, January 29, 2008

Village 3 Has Five Suitors

Five companies are vying for the chance to redevelop Buckingham Village 3, according to the county’s David Cristeal. Five companies have submitted official bids, though Mr. Cristeal said they are still waiting to get a little more information from a couple of them.

“They all look pretty comparable, pretty good,” he said.

A committee of about 20 people—from housing and tenant groups to county staff in the housing department—will review the proposals during February. Review of the proposals will be followed by negotiations with the top applicant or applicants.

“I think we’re hoping for a recommendation that would go to the [County] Manager [Ron Carlee] and to the commissions in May, or May/June,” said Mr. Cristeal, who chairs the review committee.

Village 3 sits north of N. Pershing Drive between N. George Mason Drive and N. Thomas Street. The plan is for a developer to renovate the units and either rent or sell the apartments at perennially affordable rates.

A complex deal made with Paradigm Companies and their partners, the current owners of the property, and finalized last June, allows the county to buy the property and allow another company to purchase the structures for redevelopment, all for about $32 million. The county has a window from March 2008 through June 2009 to finalize that portion of the deal.

“We’re on track,” Mr. Cristeal said. “That’s the window that is still ahead of us.”

Unknown is whether the meetings to discuss the proposals will be open to the public.

Related stories…
  • Village 3 RFP Is Out
  • Draft RFP for Village 3 Is Topic of Discussion Today
  • Buckingham Village 3 Sale and Resale to Be Studied

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