2023 Development that Best Exemplifies Metropolitan Community Impact
Church Hill North / Armstrong Renaissance Phase 2B
Developer: The Community Builders, Inc.
Location: Richmond, VA
The Community Builders and partner Richmond Redevelopment and Housing Authority combined on the fourth and final rental phase in the transformation of the site in Richmond, Virginia, into a vibrant community of 130 family mixed-income family apartments, 90 senior apartments and 36 for-sale homes. The 45-unit phase of the landmark Church Hill North/Armstrong Renaissance is called Church Hill Phase 2B. Red Stone Equity Partners contributed $3.6 million in 4% LIHTC equity to a $10.5 million renovation, which developed the vacant site and removed a large and empty former school building as part of an ongoing revitalization of the neighborhood. The overall $60 million multiphase development leveraged a long mix of financial sources, including 9% and 4% twin financing. It is a crucial part of Richmond’s overall strategy to revitalize areas and serves as a catalyst for adjacent community and economic development activities.