STCC Provides $11.2M Financing for Two Redevelopment Projects in Richmond

RICHMOND, VA. — SunTrust Community Capital (STCC) has provided $11.2 million in financing for two redevelopment projects in Richmond’s historic Jackson Ward neighborhood.

The Community Preservation and Development Corp. (CPDC) is leading the redevelopments, which will replace current public housing with new workforce housing, seniors housing and retail.

The first project, dubbed Jackson Ward, will include 72 newly constructed, one-bedroom seniors housing units in a four-story building. The second project will provide 82 units of mixed-income housing and 6,000 square feet of retail in one building that will be located adjacent to the seniors housing building.

CPDC’s Jackson Ward project is part of a larger redevelopment effort to provide replacement housing for 200 units at the Fay Towers Senior Public Housing site in Richmond’s Gilpin neighborhood. CPDC is utilizing the United States Department of Housing and Urban Development (HUD)’s Rental Assistance Demonstration (RAD) program to fund the project.