Victory Center conversion plans to deliver 377-unit all-affordable housing building by 2027 – alxnow.com

Victory Center Redevelopment: Advancing Affordable Housing and Sustainable Development Goals

Project Overview

A long-vacant office property located at 5001 Eisenhower Avenue in Alexandria, known as the Victory Center, is undergoing a significant transformation. The 9.73-acre site is being redeveloped into a 377-unit all-affordable apartment building. This redevelopment was officially approved by the Alexandria City Council in late 2024, with completion targeted for 2027.

Partnership and Stakeholders

• Property Owner: Stonebridge
• City of Alexandria: Supporting through policy and incentives
• Amazon’s Housing Fund: Providing financial support and long-term affordability commitments

Alignment with Sustainable Development Goals (SDGs)

The Victory Center redevelopment strongly supports multiple United Nations Sustainable Development Goals, including:

1. SDG 1: No Poverty – By creating affordable housing options for low- and moderate-income families, the project helps reduce poverty and housing insecurity.
2. SDG 11: Sustainable Cities and Communities – The conversion of a vacant office building into affordable residential units promotes sustainable urban development and revitalizes the West End neighborhood.
3. SDG 10: Reduced Inequalities – The project offers housing opportunities for renters earning 50-60% and 80% of the area median income, fostering social inclusion.
4. SDG 17: Partnerships for the Goals – Collaboration between the City of Alexandria, Stonebridge, and Amazon’s Housing Fund exemplifies effective multi-sector partnerships.

Project Details and Affordability

• Building Size: 11 stories
• Total Units: 377 all-affordable apartments
• Unit Mix: 235 two- and three-bedroom units
• Income Eligibility:
  • 50-60% of Area Median Income (AMI) – 50% of units
  • 80% of AMI – 50% of units

Financial and Policy Support

• Tax Incentives: Alexandria is providing a 25-year tax abatement to support the project’s financial viability.
• Affordability Covenant: Amazon’s Housing Fund is committing to a 99-year affordability covenant and offering low-rate subordinate rent.

Statements from Key Stakeholders

• Mayor Alyia Gaskins: Highlighted the city’s leadership in office-to-residential conversions and praised the scale and affordability of this project, emphasizing its contribution to the West End vision.
• Douglas M. Firstenberg, Stonebridge Principal: Described the project as a new model for affordable housing due to its scale, affordability range, unit mix, and capital commitment.
• Senthil Sankaran, Amazon Housing Fund Managing Principal: Noted the project’s role in converting a dormant property into a vibrant, affordable residential community that will support neighborhood revitalization and local economic activity.

Project Impact and Timeline

1. Transforming a vacant office building into a sustainable, affordable housing community.
2. Providing long-term housing affordability, supporting social equity and economic inclusion.
3. Anticipated first occupancy of units by summer 2027.

1. Sustainable Development Goals (SDGs) Addressed or Connected

1. SDG 11: Sustainable Cities and Communities
   • The article discusses the redevelopment of a vacant office property into affordable housing, contributing to sustainable urban development and inclusive communities.
2. SDG 1: No Poverty
   • Providing affordable housing for low- and moderate-income renters helps reduce poverty and improve living conditions.
3. SDG 10: Reduced Inequalities
   • The project targets affordability for renters at 50-60% and 80% of area median income, promoting social inclusion and reducing inequalities.
4. SDG 17: Partnerships for the Goals
   • The collaboration between the City of Alexandria, Stonebridge, and Amazon’s Housing Fund exemplifies multi-sector partnerships to achieve sustainable development.

2. Specific Targets Under Those SDGs

1. SDG 11: Sustainable Cities and Communities
   • Target 11.1: By 2030, ensure access for all to adequate, safe and affordable housing and basic services and upgrade slums.
   • Target 11.3: Enhance inclusive and sustainable urbanization and capacity for participatory, integrated and sustainable human settlement planning and management.
2. SDG 1: No Poverty
   • Target 1.4: By 2030, ensure that all men and women have equal rights to economic resources, including access to basic services, ownership and control over land and property.
3. SDG 10: Reduced Inequalities
   • Target 10.2: Empower and promote the social, economic and political inclusion of all, irrespective of income level.
4. SDG 17: Partnerships for the Goals
   • Target 17.17: Encourage and promote effective public, public-private and civil society partnerships.

3. Indicators Mentioned or Implied to Measure Progress

1. Indicator for SDG 11.1: Proportion of urban population living in adequate housing.
   • The article mentions 377 all-affordable housing units, half for renters earning 50-60% of area median income and half for 80%, indicating measurement of affordability and access.
2. Indicator for SDG 1.4: Proportion of population living in households with access to basic services and secure tenure.
   • The 25-year tax abatement and 99-year affordability covenant imply long-term housing security.
3. Indicator for SDG 10.2: Proportion of people living below 50% of median income with access to affordable housing.
   • The project targets renters at 50-60% and 80% of area median income, reflecting inclusion of lower-income groups.
4. Indicator for SDG 17.17: Number and quality of partnerships supporting sustainable development.
   • The collaboration among city government, private developer, and Amazon Housing Fund is an example of measuring partnership effectiveness.

4. Table of SDGs, Targets, and Indicators

Source: alxnow.com