Former Prison Reformed into Mixed-Use Residential and Commercial Community

The historic Lorton prison in Fairfax County has thrown its doors open for some new residents. A $55 million project, financed in part by VHDA, is rehabilitating the century-old former reformatory, transforming it into a vibrant urban village with apartments, shops, restaurants, offices and more.

“Cooperation of several sources was necessary to raise the capital to convert the former Lorton prison into affordable housing,” said Brad Beaman, senior development officer at VHDA. Those sources include Housing Credits (also known as Low-Income Housing Tax Credits), historic tax credits, VHDA tax-exempt bond financing and a long-term land lease with Fairfax County.

The community includes 165 units now called Liberty Crest Apartments, plus more than 35,000
square feet of commercial space. According to Beaman, the multifamily rental units are restricted with the following income limits: 26 percent at 50 percent of the area median income; 24 percent at 120 percent of AMI; and 50 percent with unrestricted income. The commercial space will consist of the former chapel, pool and power plant on the property.

This is not the first development on the property. Parts of the 2,323-acre prison, which once housed a missile defense system, currently include a subdivision, a senior living campus, an arts center and a golf course. Phase 2 of the project will add 107 townhomes and single-family homes.

Beaman said this was the first project VHDA has done with the developer, The Alexander Company, Inc. and Southway Builders, the general contractor. VHDA provided $24.4 million in permanent financing including funds from REACH Virginia, VHDA’s pool of internally generated resources for meeting state housing needs. Other capital came from Housing Credits, state and federal historic tax credits and borrower equity.

All but six of the 55 historic sites will be retained and reused in this community development initiative. There’s more to come! VHDA is also providing a loan and Housing Credits for the Lindsay Hill Senior Apartments development immediately adjacent to Liberty Crest on the Lorton site.

More info: http://www.fairfaxcounty.gov/news2/liberty-opens-its-doors-for-new-residents-at-former-lorton-prison/