$55M affordable housing community to be built in Richmond
264-unit project helmed by Massachusetts developer
Construction is set to start in January 2022 on a new $55 million affordable housing community in Richmond, developer Dakota Partners announced this week, after having purchased a 14.4-acre parcel at 2200 Brady St. on Richmond’s South Side.
To be known as Brady Square, the community will include 264 residential units in two buildings constructed over four phases. Work on the first two phases, which will produce 132 units and a community building at a cost of $29 million, is set to start next month with a groundbreaking. Phases three and four will produce 132 more units, which will include one-, two- and three-bedroom residences targeted toward residents who earn between 30% and 60% of the area median household income.
The first two phases’ closing date was Nov. 24, and the final closing is scheduled in April 2022, according to Dakota Partners, based in Massachusetts.
“Brady Square will bring incredible value to the community, offering residents an affordable, safe, and inviting place to call home,” Dakota EVP of Acquisitions and Development Cheryl Stulpin said in a statement. “We’re excited to continue serving the commonwealth of Virginia and providing much-needed, quality housing for families that might otherwise be priced out of these neighborhoods.”
The undeveloped land was purchased from Drucker & Falk LLC, a Newport News-based commercial real estate company that focuses on multifamily 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.