SCG Development announced April 3 the closing of the first of the two-phase Somos at McLean Metro development, which will result in a mid-rise, multi-family residential building with 231 rental units for lower-income households near the McLean/Tysons dividing line.
SCG will remove an abandoned six-story office building at 1750 Old Meadow Road in western McLean/Tysons and create a mix of studio, one-bedroom, two-bedroom and three-bedroom affordable apartments.
The community is close to the McLean Metro station and even closer to Tysons’ new pedestrian bridge over Interstate 495.
Virginia Housing has committed more than $54.5 million in financing, as well as 4-percent low-income-housing tax credits, which will allow the residential units to be available at rents affordable to residents earning between 30 and 60 percent of area median income.
Amazon is supporting Phase A with a $28.97 million low-rate loan from the Amazon Housing Equity Fund. SCG Development is also is receiving substantial support from Fairfax County and a contribution of tax credit equity from Stratford Capital Group.
Affiliates of SCG Development are leasing the sites from the Fairfax County Redevelopment and Housing Authority (FCRHA) and Fairfax’s ground lease will ensure long-term affordability for 99 years, officials said.
“It is our mission to create a community everyone can afford to call home,” said FCRHA chairman Lenore Stanton.
“We are committed to creating groundbreaking solutions for Fairfax County’s affordable housing needs,” said Supervisor Dalia Palchik (D-Providence). “Innovative partnership has enabled us to leverage private equity to convert an unused office building site into hundreds of affordable homes in the Providence District.”
Construction will begin immediately.
