Market-Rate Units To Be Preserved At Virginia Village Building

FALLS CHURCH, VA — On Wednesday, the Falls Church Economic Development Authority voted to enter a contract to buy one Virginia Village property at 302 Shirley Street for $925K.

When the sale is complete, the city will allow existing tenants to remain. However, the purchase will allow the city to consider options for future uses. The city does plan to keep the market-rate affordable units.

Virginia Village is a neighborhood of 20 multifamily residential buildings covering 4.5 acres of land area. The building being purchased by the economic development authority is 2,560 square feet and has four one-bedroom apartments. The city already owns another Virginia Village building at 208 Gibson Street, which is managed by a property management company for use by a non-profit organization.

The economic development authority has made similar purchases for land banking, which involves land being sold to a developer for redevelopment. Another example of land banking involved the properties where West Broad Apartments and Harris Teeter are now located.

Keeping the Virginia Village units as market-rate affordable housing aligns with the South Washington Street Small Area Plan adopted by City Council in 2013. Per small area plan documents, the city's Future Land Use map designates the Virginia Village neighborhood for mixed-use redevelopment, but the city could choose to preserve the neighborhood too. Other options identified in the small area plan include an expansion of Big Chimneys Park and a community center.

In the scenario of properties in the neighborhood being bought by a private entity for redevelopment, the small area plan recommends residential components include the maximum amount of affordable units possible and that structures be compatible with nearby low-density residences.

"It is important to recognize that this is one of the few affordable housing opportunities in the City. Therefore, redevelopment of the neighborhood should take into account the need for affordable housing and provide for replacement of such within new development projects," the small area plan document states.

At a later time, city staff plan to prepare options for future property uses that maintain market-rate affordable units.