Woodbury Park Renovations Funded
The Woodbury Park affordable housing units are to be stabilized and restored as part of a $57 million tax exempt bond issuance by the Arlington County Industrial Development Authority (IDA). The County Board approved the issuance at their June 14 meeting. Industrial Development Bonds are not a liability of Arlington County.
Woodbury Park is a 364-unit, seven-building garden apartment complex located on nine acres of land at the intersection of US Route 50 and North 10th Street. It was built in the late 1940s and is listed on the National Register of Historic Places.
As a “mixed income” project, Woodbury Park units are 55-percent affordable housing for families earning less than 60% of the Adjust Median Income (AMI); the remaining 45 percent are market rate. The site plan for this project requires this mix stay in place for 60 years.
According to the staff report, “Redevelopment includes a wholesale restoration of the property that will return Woodbury Park to its former glory as a leading example of the garden style apartment complex that became widespread following World War II.” All units will receive a substantial renovation. An addition to one building will accommodate a relocated leasing office and amenity space for tenants. This addition, which HALRB has reviewed and commented on, will need to have approval from state and federal historic agencies due to the historic preservation tax credits involved.
Renovations are expected to begin in September 2014.
Preservation Arlington applauds AHC for working closely with the county to preserve and invest in these historic properties while also ensuring affordable housing for Arlington’s residents.