KCG Development has broken ground on Park Landing, an affordable seniors housing community in Woodbridge, Virginia.
The 250-unit development for active adults older than 55 will increase Prince William County’s supply of affordable senior housing by nearly 40%, according to project leaders.
Park Landing will offer 151 one- and 99 two-bedroom apartments. Units will include granite countertops, stainless steel appliances, and high-efficiency in-unit washers and dryers. Additionally, residents will have access to a suite of high-quality, complimentary amenities, including a recreational courtyard, an outdoor pool, a sensory garden, fitness facilities, a wellness room, an art studio, a gaming room, and a large community room for social activities.
Units will be reserved for households with incomes not to exceed 60% of the area median income. Under the 2022 AMI levels, this translates to a maximum annual income of $59,820 for a one-person household, $68,340 for a two-person household, and $76,860 for a three-person household. Rents will be restricted to support affordability and are projected at $1,500 for a one-bedroom apartment and $1,700 for a two-bedroom apartment.
A groundbreaking ceremony was held in February with project supporters, including Prince William County supervisors Victor Angry and Kenny Boddye.
“I can’t emphasize how important this project is to our community,” Boddye said. “At a time when the cost of living is going up and our seniors have smaller budgets, it’s important that our seniors can live in a home with dignity.”
Erica Meissner, KCG’s vice president of development, said “KCG is thrilled to invest in Prince William County and is especially grateful for the opportunity to collaborate with community partners, including the Prince William County board of supervisors and Planning Office, and LOCCA-PELT (Lake Ridge Occoquan Coles Civic Association and its principal committee, the Planning, Environment, Land-Use, and Transportation Committee). These organizations share in our commitment to improving lives through better communities.”
To finance the $76.3 million community, KCG worked with low-income housing tax credit issuer Virginia Housing, bond issuer Prince William County Industrial Development Authority, equity partner Alliant Capital, and debt partner Align Finance Partners.
Core members of the project team include HDJ Architects, KCG Construction, christopher consultants (now IMEG), Compton & Duling, Winthrop & Weinstine, and Walsh, Colucci, Lubeley & Walsh.
