$55M affordable housing community moves forward in Richmond
Brady Square to have 264 apartments by mid-2024
The final two phases of Brady Square, a $55 million affordable housing community in Richmond, now have financing and approvals to move forward, developer Dakota Partners announced Tuesday.
The Massachusetts developer announced plans for the community in December 2021.
Dakota Partners purchased a 14.4-acre parcel at 2200 Brady St. on Richmond’s South Side. The complex will have 246 residential units. The first two phases, with 132 units and a community building, are under construction and 40-45% complete. The first phase is planned to include 66 units with 11 buildings and one community building; the second phase will be 66 units as well. The first phase is expected to be completed by May 2023 and the second in August 2023.
The third and fourth phases, each with 66 units, will bring the total to 264 units. Work on phase four started in early September and includes clearing the area for pads where its four buildings will stand. Phase four is expected to be completed in August 2023. The third phase will start at the end of September and is expected to be completed in May 2024.
All four phases will have one-, two- and three-bedroom garden and townhouse-style apartment units within two-story residential buildings.
Brady Square will target households earning 30%, 50% and 60% of the area median income household. The AMI in Richmond for 2020 was $51,421, according to the U.S. Census Bureau.
The undeveloped land was purchased from Drucker & Falk LLC, a Newport News-based commercial real estate company focused on multifamily property management. Dakota received $700,000 from the Virginia Housing Trust Fund in July 2020 to help finance the first phase of the project, according to the state.