MCLEAN, VA (April 3, 2024) –– Today, SCG Development announced the closing of the first phase of a two-phase new affordable housing development in Northern Virginia. Somos at McLean Metro will be a new construction mid-rise multi-family rental housing community for lower income households, which will result in 231 new affordable homes when Phase A is completed.
“Somos at McLean Metro Phase A will bring high quality affordable housing options to families and individuals in a very high barrier to entry market that is walkable to the McLean Metro and all the surrounding amenities that Tysons has to offer,” said Steve Wilson, President, SCG Development. “We are thrilled to move this project to the construction phase after many years of effort. I am very thankful that our team and partners who have shared this vision for our community and worked hard to make it happen.”
Located at 1750 Old Meadow Road in McLean, Virginia, SCG will remove an abandoned six-story office building and create a mix of studio, one-bedroom, two-bedroom and three-bedroom affordable apartments. Somos at McLean Metro is a transit-oriented community conveniently located within a 10-minute walk to the McLean Metrorail station and less than 10 minutes from Tysons Corner’s new pedestrian bridge.
Virginia Housing, Virginia’s state housing finance agency, has committed over $54.5 million in financing, as well as 4 % Low Income Housing Tax Credits (LIHTC). These tax credits make it possible for the residential units to be available at rents affordable to residents earning 60% or less the area median income (AMI).
“Our investment towards Somos at McLean provides much needed increased affordable inventory in the Northern Virginia area,” said Tammy Neale, CEO of Virginia Housing. “We look forward to seeing the impact this property will have on residents and the community of McLean.”
Amazon is also supporting this new affordable housing community with a $28.97 million low-rate loan to Phase A from the Amazon Housing Equity Fund, a more than $2 billion commitment to create or preserve more than 20,000 affordable homes for low- to moderate-income families in the Arlington, Virginia-Washington D.C. region, Washington state’s Puget Sound region, and the Nashville, Tennessee region. SCG Development is also receiving substantial support from Fairfax County, reflecting the significance of this large-scale, transit-oriented development opportunity, and a contribution of tax credit equity from Stratford Capital Group.
“We embrace opportunities to work in partnership with innovative organizations dedicated to creating much-needed affordable housing that connects individuals and families to transit, employment, and other resources across the DMV,” said Senthil Sankaran, Managing Principal, Amazon Housing Equity Fund.
Construction will begin immediately, with the first phase slated to create 231 homes for households earning between 30-60% AMI. Affiliates of SCG Development are leasing the sites from the Fairfax County Redevelopment and Housing Authority (FCRHA), and Fairfax’s ground lease will ensure long-term affordability for 99 years.
“We are committed to creating groundbreaking solutions for Fairfax County’s affordable housing needs. Innovative partnership has enabled us to leverage private equity to convert an unused office building site into hundreds of affordable homes in the Providence District. We look forward to the groundbreaking,” said Dalia Palchik, Supervisor, Providence District, Fairfax County Board of Supervisors.
“It is our mission to create a community everyone can afford to call home. Closing on Phase A of Somos at McLean is another step in bringing affordable homes to all corners of Fairfax County, enabling those who work here to live here as well,” said Lenore Stanton, Chair, Fairfax County Redevelopment and Housing Authority.
Somos at McLean Metro, supported by investments from Virginia Housing, Amazon, and Fairfax County, will create housing for low-and moderate-income residents in the DMV region.
About SCG Development
SCG Development is a privately held real estate development firm focused on creating quality affordable and workforce rental communities that are affordable to the workforce. Our portfolio consists of over 60 properties across the country, including high-rise new construction, adaptive reuse of historic buildings, and the acquisition and rehabilitation of existing apartment communities.
About Amazon
Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth’s Most Customer-Centric Company, Earth’s Best Employer, and Earth’s Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.