SCG to Build 231 Affordable Housing Units in Northern Virginia
By Nick Trombola April 3, 2024 1:36 pm
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SCG Development is poised to build the first phase of its new affordable housing complex in Northern Virginia after securing investments from Virginia’s state housing agency and Amazon (AMZN), the company announced Wednesday.
The developer secured $54.5 million from the nonprofit, quasi-governmental financing agency Virginia Housing for the Somos at McLean Metro project. It also got a nearly $29 million low-rate loan from Amazon, a 4 percent Low-Income Housing Tax Credit and tax credit equity from Stratford Equity Group.
SCG will demolish an unused office building at 1750 Old Meadow Road between Tysons and McLean to build the 231-unit building, a mix of apartments ranging from studios to three-bedrooms. Affiliates of SCG are leasing the property from Fairfax County Redevelopment and Housing Authority, whose ground lease will guarantee affordability at the complex for 99 years, according to SCG.
“Our investment towards Somos at McLean provides much-needed increased affordable inventory in the Northern Virginia area,” said Virginia Housing CEO Tammy Neale in a statement.
Somos at McLean Metro is near the McLean station of the D.C.-area Metro train line. Construction on the first phase of Somos will start immediately, though SCG did not say when it would finish. A spokesperson for Amazon said that the second phase of the project is targeting a closing date for later this year, though it’s unclear how many units the second phase of the project will include, as well as when that aspect of the project will begin construction.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
