Affordable multifamily housing remains a challenge in Loudoun county. So in our efforts to solve a problem while serving a need, we are working diligently in this opportunity zone to help address the rental market shortfalls.
We are close to getting site-control for the 1st phase which will consist of 180 units. Also being considered for this deal is a joint venture with a LIHTC syndicator, in the event no opportunity zone investor commits, or if opportunity zone investor does not wish to sign on for future build outs.
Residents will share an entryway with Innovation Center South, a new 1.6-million-square-foot, mixed-use development in Herndon, adjacent to the coming Innovation Center Metro Station.