PROJECT OVERVIEW

In April 2016, the Franklin Group identified a prime development opportunity at the intersection of Witchduck Road and I-264 in Virginia Beach, acquiring a 15-acre site previously home to a drywall storage facility. The site, located in the Town Center Strategic Growth Area (TC SGA), offered excellent visibility from the interstate and was poised for transformation from its 1950s industrial roots into a mixed-use urban hub. The City of Virginia Beach had a vision to redevelop the area, encouraging the transition from industrial use to a vibrant community with residential, retail, and commercial spaces.

Challenges & Solutions

However, the team faced an immediate challenge: the site lacked City water and sewer services, which were critical for the development of a high-quality, multifamily housing community.

Rather than allowing the lack of infrastructure to delay or halt progress, the Franklin Group partnered with the City of Virginia Beach to create a long-term solution that would benefit not only the site but the surrounding area. Together, they devised a plan to build a pump station that would service not only the Two Hundred West Apartments but also prime an additional 90 acres of land for future development.

The Franklin Group’s team coordinated the design and construction of the pump station and stormwater facilities, ensuring that the project remained on time and under budget. The collaboration between the City and our team allowed for the successful installation of vital utilities, enabling the development to move forward and setting the stage for future growth in the Town Center SGA.

The Result

The Two Hundred West Apartments opened at 200 Price Street in 2019, providing homes for nearly 500 residents in a thriving, affordable multifamily community. The development features 264 units financed through 9% Federal Low Income Housing Tax Credits and 4% Tax-Exempt Bonds issued by Virginia Housing. The apartment complex offers an urban, town-center feel, with four residential buildings and a modern clubhouse constructed from a blend of brick, hardy paneling, and vinyl siding.

Residents enjoy one-, two-, and three-bedroom apartments with 9-foot ceilings, granite countertops, Energy Star-rated appliances, in-unit washers and dryers, and private balconies or patios. The community also boasts a two-story clubhouse with free WiFi, a state-of-the-art fitness center, and a luxurious resort-style pool.

Thanks to meticulous planning and a clear vision for affordable housing, Two Hundred West Apartments achieved 100% occupancy within 60 days of opening and remains fully leased to this day.

Community Impact

This project showcases the Franklin Group’s commitment to solving complex development challenges while fostering partnerships with local governments to support both the immediate project and future growth. The pump station, built in collaboration with the City, not only serves Two Hundred West Apartments but will also support the ongoing redevelopment of the Town Center SGA, preparing the area for future residential and commercial projects.

The success of Two Hundred West Apartments stands as a testament to our team’s ability to create vibrant, affordable housing communities while ensuring that our developments serve the broader community and lay the groundwork for long-term urban growth.