Friday, June 12, 2009

Buckingham Villages Updates

Project Manager Micheline Castan-Smith reports via email that the next step in the Buckingham Village 1 redevelopment is to prepare what will be the county’s property on the site. Now that the Madison at Ballston Station apartment complex is completed and is being leased, Paradigm Development Company will focus on space for the extension of N. 3rd Street and the county park just north of the Madison (see the image).

(Illustration Thurston; image, Paradigm Development Co. Click to enlarge the image.)

The third street extension will replace what had been a cut-through alley and parking lot between the Culpepper Garden and Buckingham Villages apartments. The change will make the new road an official county street and will be close to, but not exactly where, the alley is.

At the recessed board meeting next Tuesday the county is expected to OK an extension of the Tenant Assistance Fund. Set-up in 2007, this fund was designed to help low-income residents of various Buckingham Village apartments to stay in the neighborhood, according to the county manager’s report.

As buildings were torn down and replaced, this fund has helped 11 families who were already in the neighborhood, stay in the neighborhood, the report states. The fund, with $125,000 taken from the Affordable Housing Investment Fund two years ago, is still in the black and does not require additional money. Nine families are still receiving the help, the report states.

Finally, the board will discuss and vote on major elements of the Buckingham Village 3 redevelopment.

In preparation for this meeting, last month the board met with Telesis Corp. the owners and managers of the property to determine the best mix of home rental and ownership and what type of ownership should be involved. The final decision came down to 92 rentals and a condominium of 48 units. All of the units will be rented or purchased at below market rates.

The question that will remain even after Tuesday’s meeting is how the condominium units will be resold when a purchaser decides to sell. All the units are to remain affordable, almost in perpetuity, so the owner who bought at affordable rates and wishes to sell, cannot do so at market rates. The conventional wisdom says that the owner should be able to reap some reward on his or her investment, but should sell at an affordable price as well. The details of this have yet to be worked out. (More on this story after the meeting next week.)



Related stories…
  • County and Telesis Prep for June Meeting (May 2009).
  • County Board OKs Leasing and Financing of BV3 (March 2009).
  • Arlington to Enter Deal with Telesis (February 2009).
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