VIRGINIA BEACH, Va. – (July 8, 2019) – Market Heights, the latest apartment development from Lawson, placed first out of eight applications in the Tidewater geographic pool as VHDA awarded reservations of tax credits in Virginia’s highly competitive housing tax credit program. This 80 unit mixed-income community located at 330 Tidewater Drive in Norfolk, was thoughtfully designed to serve renters from a wide range of income levels and will be indistinguishable from comparable market rate communities. Market Heights also includes a separate 84-unit 4% tax credit community that is being built simultaneously for a combined total of 164 units of new construction to provide essential housing during the redevelopment of the St. Paul’s area, as well as housing for those with developmental disabilities.
“At Lawson, we strive to positively impact the communities we serve and Market Heights is a fine example of this,” said Steve Lawson, Chairman of Lawson. “We have been working with Hope House on the design of this community to ensure residents with physical and developmental disabilities have a safe, comfortable place to live.” Market Heights meets the highest levels of accessibility, with 80 units meeting universal design requirements and 17 units meeting ADA requirements.
The two developments have a unique financing structure where Market Heights utilizes 9% tax credits, the adjacent development utilizes 4% tax credits, and both developments are in a location where equity qualifies for opportunity zone funding. Lawson continued, “this is the first location we are aware of to use all three of these development mechanisms and we look forward to developing both affordable communities within the newly minted opportunity zone.”
In addition to offering a playground, tot-lot, urban park, dog park, fitness center and non-profit community room, Market Heights will include dedicated space for Hope House, Lawson’s supportive service provider-partner.
“At Hope House, we provide support to 125 individuals with developmental disabilities, over 70 of which are in Norfolk alone. They are in desperate need of accessibility that’s just not found in the existing inclusive, walkable, affordable neighborhoods here in Norfolk. We’ve had the pleasure of working with Lawson for years to provide support to individuals in safe, affordable, and accessible housing and look forward to this new community in Norfolk,” Susan Henderson, Service & Admissions Director at Hope House Foundation.
The Market Heights community was developed with an eye towards the Downtown Norfolk 2030 plan and St. Paul’s redevelopment. It has been designed to be an eco-friendly community, meeting Norfolk’s new resiliency requirements through the EarthCraft Multifamily green building program. The design received unanimous support from Norfolk’s Architectural Review Board, Planning Commission, and City Council. Design partners include: WPA, Ray Gindroz, TS3 Architects and Timmons Group.
At Lawson, we understand that what we do – and how we do it – affects the everyday lives of people we care about. Since 1972, we’ve focused on positively impacting the communities we serve, from team members and residents to investors and business partners. We manage and own approximately 5,500 apartments in Virginia and South Carolina and are continuing to grow by developing more apartment communities each year throughout Virginia. Our business model provides vertical integration of development, construction, property management and asset management, which enables our team of experts to add value at every stage for our partners. When you act with integrity, focus on quality and work to find creative solutions, great things are possible. It’s how we’ve done business at Lawson for over 45 years. For more information, visit www.lawsoncompanies.com.
About Hope House Foundation
Since 1964, Hope House Foundation has worked on the frontlines of the battle for independence, community inclusion and true citizenship for people with developmental disabilities. The organization provides services for adults exclusively in their own homes or apartments. Currently, Hope House Foundations serves more than 125 people in Norfolk, Chesapeake and Virginia Beach. Hope House is known as an innovator and leader in the field, and in 2008, it received the American Association for Intellectual and Developmental Disabilities national award for full community inclusion. In 2012, it was named ANCOR Foundation’s Service Provider of the Year. For more information, visit www.hope-house.org.