KCG Development is proud to announce the groundbreaking of Park Landing – a new affordable rental community benefitting Prince William County seniors. Located at 3301 Noble Pond Way, Woodbridge, Virginia, Park Landing will offer 250 wellappointed apartment homes for active adults over age 55 including 151 two-bedroom and 99 one-bedroom apartments. Units will include features not typically found in affordable communities, such as granite countertops, stainless-steel appliances, and high efficiency in-unit washers and dryers. Additionally, residents will have access to a suite of high-quality, complimentary amenities, including a recreational courtyard, outdoor pool, sensory garden, fitness facilities, wellness room, art studio, gaming room, and a large community room for social activities.
Units will be reserved for households with incomes not to exceed 60 percent of the Area Median Income. Under the 2022 Area Median Income, this translates to a maximum annual income of $59,820 for a one-person household, $68,340 for a twoperson household, and $76,860 for a three-person household. Rents will be restricted to support affordability and are currently projected at $1,500 for a one-bedroom apartment and $1,700 for a two-bedroom apartment.
Park Landing will increase Prince William County’s supply of affordable senior housing by nearly 40%. Responding to a critical need for additional housing of this type, the project received widespread support from local stakeholders and elected officials. This support was essential in advancing the project from vision to reality.
A groundbreaking ceremony was held at the site on Thursday, February 16, 2023 and Prince William County Supervisors, Victor Angry and Kenny Boddye attended along with other community supporters. Supervisor Boddye shared that Park Landing had been within his district when the project began and noted “I can’t emphasize how important this project is to our community. At a time when the cost of living is going up and our seniors have smaller budgets. It’s important that our seniors can live in a home with dignity.” Supervisor Angry whose district now includes Park Landing noted “one of the great things about this project being affordable for over 55 , I would hope the goal would be to spark life into a community like this.”
KCG’s Vice President of Development, Erica Meissner notes, “KCG is thrilled to invest in Prince William County and is especially grateful for the opportunity to collaborate with community partners, including the Prince William County Board of Supervisors and Planning Office, and LOCCA-PELT (Lake Ridge Occoquan Coles Civic Association and its principal committee, the Planning, Environment, Land-Use, and Transportation Committee). These organizations share in our commitment to improving lives through better communities.”
Core members of the project team include HDJ Architects, KCG Construction, christopher consultants (now IMEG), Compton & Duling, Winthrop and Weinstine, and Walsh, Colucci, Lubeley and Walsh, P.C. Financial partners include tax credit issuer – Virginia Housing, bond issuer – Prince William County Industrial Development Authority, equity partner – Alliant Capital, and debt partner – Align Finance Partners.
Construction on the property started in late 2022 and is expected to conclude in mid2024. As the community starts accepting applications, prospective residents interested in receiving more information are encouraged to send their names and contact information to [email protected].
About KCG Companies
Since its founding in 2015, KCG has grown to national prominence through a portfolio of over 4,150 multifamily rental housing units. The firm’s success is a testament to the team’s integrity, responsiveness, transparency, appetite to collaborate, and, most importantly, their vast experience. Throughout their careers, KCG’s executive team has developed, financed, built, and managed more than $3.0 billion of multifamily rental housing.
For more information, visit www.kcgcompanies.com. Follow on LinkedIn at https://www.linkedin.com/company/kcg-companies/