Title
Resolution Determining an Economically Mixed Development Project in the Phoebus Area of Hampton to Qualify for Virginia Housing Development Authority Financing Pursuant to Code of Virginia §36-55.30:2B
Purpose
PURPOSE/BACKGROUND:
The Whitmore Company, LLC has proposed to construct a multifamily development referred to as "Monroe Gates Apartments" to be located at 200 S. Mallory Street within the Phoebus neighborhood of Hampton, Virginia. Phoebus is a key location in the City because it is readily accessible from Interstate 64, is the gateway to Fort Monroe and Buckroe Beach, and is adjacent to other notable landmarks, such as Hampton University and the Hampton VA Medical Center. Phoebus is one of Hampton’s seven strategic master plan areas, which means it has been targeted with tactical initiatives established to encourage economic and residential reinvestment into the community through both the private market and public resources. Those master plans also include general recommendations for improvements to public infrastructure.
Redeveloping the subject property would transform the underutilized and vacant 4.986+ acre parcel that was formally an electronics manufacturer, known as Maida Development Company. The proposed development comprises: 162 total residential units, encompassing 130 one-bedroom units and 32 two-bedroom units. These for lease units would be garden style apartments within five different three-story buildings and eight two-story townhome units. Eighty percent of the units are intended to be market rate and the remaining twenty percent would be affordable. The proposed gated residential community would also feature: a club house, dog park, and carriage houses (garages for lease).
The Whitmore Company, LLC desires to fund the project with financing from the Virginia Housing Development Authority ("VHDA"). In order for The Whitmore Company to receive this financing, the VHDA requires that the City Council pass a resolution in conforma...
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