Fairstead has marked a construction milestone at the Samuel Madden Homes redevelopment in Old Town Alexandria, Virginia, celebrating the topping out of the six-story, mixed-use project. The $120 million development is repositioning the former community into a new affordable housing asset with a focus on long-term neighborhood stability and resident-serving amenities.
The 295,000-square-foot project is being delivered in partnership with Harkins, the Alexandria Redevelopment and Housing Authority, and The Communities Group. At full build-out, the development will include 207 affordable residences reserved for households earning between 30% and 80% of Area Median Income, expanding the stock of income-restricted housing in Old Town.
Fairstead, its partners, and local officials gathered to commemorate the completion of the building’s structural framework, underscoring the continued progress of the redevelopment. The project is planned for completion in 2027, at which point the new community will offer both housing and on-site resources intended to support residents and the surrounding neighborhood.
In addition to the residential component, plans call for community gathering spaces that can accommodate resident services and neighborhood programming. A new neighborhood food hub is also included in the program, designed to improve local access to food and related resources as part of the broader mixed-use vision for the site. Other amenities are planned, though specific details were not disclosed.
The capital stack for the Samuel Madden Homes redevelopment brings together a group of public and private financial partners. Boston Financial, Freddie Mac, Virginia Housing, Sterling Bank, and the City of Alexandria are all participating in the financing package supporting the project. Their involvement reflects a multi-source approach that is common in contemporary affordable housing transactions.
The financing structure leverages a U.S. Department of Housing and Urban Development Section 18 transaction alongside Low-Income Housing Tax Credits and Energy Efficiency Tax Credits. By combining federal programs, tax credit equity, and institutional and public capital, the structure is intended to make the 207-unit affordable housing program financially viable while incorporating energy-efficiency measures into the redevelopment.
As construction advances toward the planned 2027 completion, the Samuel Madden Homes project stands out as a notable example of collaborative redevelopment between a national real estate firm, local housing authorities, community-focused partners, and multiple capital providers within the Alexandria market.
