Wesley Housing is requesting a pre-development loan of $400,000 to start the development process on ParcView II, a new affordable rental project on Holmes Run Parkway in Alexandria's West End.
ParcView II will be co-located with the original ParcView apartment building in the 5300 block of Holmes Run Parkway, which Wesley Housing already owns. The project would rezone a current apartment building to allow for more density and build a second affordable housing building on the site.
ParcView Apartments is an existing 14-story, 149-unit multifamily building on three-acres of land.
According to Wesley Housing's information packet provided to the City Council:
"The lot’s current zoning designation allows for a 1.25 FAR, allowing for a maximum density of 164 units. Wesley Housing believes, however, that this site is a prime candidate for the new RMF zone, given its most notable characteristics – namely, an ageing affordable multi-family building, abundant yet underutilized land, and a central and transit-rich location."
"Once rezoned to RMF, the ParcView site could potentially accommodate up to an additional 354 units. Wesley Housing would like to take advantage of this rezoning opportunity to redevelop the ParcView Apartments site through a master planning effort, aimed at increasing density and improving existing conditions."
This would create hundreds of new affordable housing rental units on Holmes Run Parkway.
"Accordingly, we are proposing to erect a new affordable apartment building on the site while preserving, and eventually fully renovating, the existing one," Wesley Housing explained.
Wesley Housing's goal is to have the project completed by December 2024.
More information is available here. The matter will be taken up at the Sept. 8 City Council meeting. See the docket here for information about the meeting.
