The Arlington Partnership for Affordable Housing, along with Fairfax County officials, broke ground last week on what will be the first 100% affordable housing project in Tysons, and one of the biggest in Virginia.
The 516-unit building is funded in part with $56 million provided by Amazon’s $2 billion Housing Equity Fund, as well as $89 million from the Virginia Department of Housing and Community Development and $227 million in financing from Bank of America. The Virginia Housing Trust Fund is also contributing to the funding.
The Exchange at Spring Hill Station, at 1592 Spring Hill Road in Vienna, will include 516 one-, two- and three-bedroom apartments and a 20,000-square-foot county-run community center, with an indoor basketball court, fitness center and programming operated Fairfax County Neighborhood and Community Services.
The apartments will be available to residents earning between 30% and 70% of the area median income in Tysons.
The Exchange is near Metro’s Spring Hill Station.
“As the first 100% affordable multifamily development in Tysons, The Exchange at Spring Hill Station will provide residents with easy access to transit, access to some of the best schools, jobs and amenities in the region, all in the highly desirable Tysons community,” said Senthil Sankaran, managing principal at the Amazon Equity Housing Fund.
Clark Construction is the lead contractor on the project. The Exchange is expected to be completed in approximately four years.