An underutilized public housing site has become One University, a development with three buildings serving distinct populations.
Located across from George Mason University in Fairfax, Virginia, One University includes The Main on University, a 317-unit student housing property; Robinson, a 120-unit affordable family housing community; and Belmont, a 120-unit affordable senior housing development.
The project, which replaces 46 aging public housing units and an obsolete office building, achieves a 12-fold increase in density while better serving the needs of the community. The approximately $250 million development, including the student housing, is the first Rental Assistance Demonstration-converted property to obtain approval for demolition and redevelopment.
“One University is one of those transformative and rare transactions where a mix of uses, which includes affordable senior and family, and market-rate student housing, are co-located on the same site creating a powerful cross subsidy to support the financing of the affordable units,” says Stephen Wilson, president and principal of SCG Development. “This type of transaction would not be possible without the patience, willingness, and cooperation of many partners, including most notably the Fairfax County Redevelopment and Housing Authority (FCRHA), who retains ownership of the land for the entire development. The mix of tenancy and the property’s excellent location make this an incredible opportunity for all our residents.”
The affordable units serve residents earning between 30% and 60% of the area median income.
Not only will residents be in close proximity to the university’s classes and activities, they’ll also be able to find unique synergy and connections in a blended community. For instance, George Mason students, and even seniors, might serve as tutors for younger residents.
The co-location of the buildings also helps the bottom line. The lease payments made by the student housing property to FCRHA will, in a matter of years, help repay the subsidy debt financing that was allocated to the affordable developments, according to Wilson.
