New Urban Development Projects

• Edge Vu
• Historic Westside Village Retail Center

• Artist Square
• Central Park Lofts
• Intown Lofts and Apartments
• Legacy Castleberry
• Sky Lofts Phase I & II
• Southside Project
• The Townes at River South
• The Washington at
  Historic Westside Village
• Villages at Carver

• Allen Hills
• Bethel Midtown Village
• Forest Creek

THE TOWNES AT RIVER SOUTH

Location: Richmond, VA

The Townes at River South in Richmond, Va.,located within the Blackwell community, represents an $8.7 million joint venture between Russell New Urban Development and Regency Development Associates. Financial partners included the Richmond Redevelopment and Housing Authority, Ross/Deckland Architects and SunTrust Bank. Regency Associates acted as the contractor, and Edgewood Management has taken the role of property manager.

The Townes at River South is a mix of 99 rental and family-owned dwellings on a portion of a 21.5-acre site, of which 50 percent have been designated public housing and 50 percent affordable housing. The housing was made available to former residents of Blackwell projects and others in the Richmond community. The development’s layout balances the benefits of both privacy and community. A mixture of two- to four-bedroom townhomes, the dwellings include private front and rear porches, rear entrance parking and ample landscaped yards. At 1,000 to 1,400 square feet, residences can accommodate the needs of growing families. All units are outfitted with an impressive array of standard features including air-conditioning, wall-to-wall carpeting, dishwashers, washer and dryer hookups, garbage disposals, mini blinds and energy-saving construction. Exterior storage facilities increase use of interior living spaces.

The total project cost of $8.7 million includes $3.6 million in Low Income Housing Tax Credits, a $2.3 HOPE VI loan, a $1.9 million first mortgage, a $500,000 Affordable Housing Program loan and $400,000 in deferred developer fees.