Prince William County officials joined KCG Companies at the groundbreaking for Park Landing, a rental community near employment and transit centers. It will provide an affordable housing option for area seniors who earn no more than 60% of the Area Median Income (AMI), currently $68,340 for a two-person household in Prince William County.
Located at 3301 Noble Pond Way in Woodbridge, Park Landing will feature 250 well-appointed apartment homes for adults over age 55, with 151 two-bedroom and 99 one-bedroom apartments. Each home will include upgraded features not typically found in affordable communities, such as granite countertops, stainless-steel appliances and high efficiency in-unit washers and dryers. The new community will also feature a suite of complimentary amenities, including an outdoor pool, sensory garden, fitness center, wellness room, art studio, gaming room and a community room for social activities.
Responding to a critical housing need, Park Landing will increase Prince William County’s supply of affordable senior housing by nearly 40%. The project received widespread support from local stakeholders and elected officials. KCG noted that this support was essential in advancing the project from vision to reality.
According to Rent.com, the average cost of a 1-bedroom apartment in Woodbridge, VA is $1,824. In contrast, projected for a 1-bedroom at Park Landing is $1,500, with the cost of 2-bedroom units also projected to list at approximately $300 less than market rate units. The application process includes verification that residents fall within the 60% AMI guidelines. KCG utilized the federal LITCH (Low-Income Tax Credit Housing) program in this development, which ensures that the both the income and rental caps will remain in place for years to come.
Occoquan District Supervisor Kenny Boddye championed the project since its earliest days, when it was still within the boundaries of the Occoquan Magisterial District (redistricting placed it within the Neabsco District). When interest rates hikes threatened the project’s viability, he supported the use of the County’s Industrial Development Authority funds to provide gap financing.
“I can’t overemphasize how important this project is to our community,” said Supervisor Boddye at the Feb. 16 groundbreaking. “Park Landing will give people who may be ready to downsize or simply can’t keep up with rising rents an affordable option that keeps them within our community and close to employment centers, bus transit, and a host of shopping, dining and entertainment options. All with top-tier amenities.”
“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,” said KCG Vice President of Development Erica Meissner. “These organizations share in our commitment to improving lives through better communities.”
Construction is expected to conclude in mid-2024. As the community starts accepting applications, prospective residents interested in receiving more information are encouraged to send their names and contact information to firstname.lastname@example.org.
Core members of the project team include HDJ Architects, KCG Construction, christopher consultants (now IMEG), Compton & Duling, Winthrop and Weinstine, and Walsh, Colucci, Lubeley and Walsh, P.C. Financial partners include tax credit issuer – Virginia Housing, bond issuer – Prince William County Industrial Development Authority, equity partner – Alliant Capital, and debt partner – Align Finance Partners.