This summer, Construction Dive is taking a look at some of the largest multifamily projects to break ground in recent months. Click here for the previous article in this series.
Tysons, Virginia’s first 100% affordable housing project, funded in part by Amazon, broke ground in December, and excavation work is now underway.
The Exchange at Springhill Station, a 516-unit apartment complex developed by the Arlington Partnership for Affordable Housing, will offer one-, two- and three-bedroom units for households earning 60% of the area median income or less, according to a new release.
Tysons, an affluent suburb of Washington, D.C., has a big need for affordable housing. The town is projected to reach over 42,000 residents by 2030, according to FFX Now, and it will need additional housing and affordable housing units to accommodate the growth.
At The Exchange, crews working for Bethesda, Maryland-based Clark Construction currently are at work on excavation, which the contractor expects to finish by the end of August, a company spokesperson told Construction Dive. On the broader timeline, the project is eyeing a summer 2027 completion.
Clark Construction could not disclose the total project funding, but The Exchange will be paid for, in part, by $56 million from Amazon’s $2 billion Housing Equity Fund, $89 million from the Virginia Department of Housing and Community Development and $227 million in Bank of America financing, WTOP reported.
Located at 1592 Spring Hill Road, the Exchange will also include a 20,000-square-foot community center with an indoor basketball court, fitness center and neighborhood programming run by the Fairfax County Neighborhood and Community Services, according to WTOP.
