Alexandria Redevelopment and Housing Authority announced Friday afternoon that the planned redevelopment of Andrew Adkins is off the table.
ARHA owns and manages Andrew Adkins, a group of 90 homes constructed in 1969 that are in close proximity to the Braddock Metro, and had planned to partner with Alexandria Opportunity Housing LLC to redevelop it into a 476-unit community.
ARHA said in a news release that plan is no longer feasible.
“Despite our best efforts, after exhaustive negotiations with our development partner over a nearly two year period, ARHA has determined that it is not possible for this project to move forward with the proposed financial structure,” ARHA CEO Keith Pettigrew said in a statement. “Rising construction costs were certainly a contributing factor.”
ARHA said in the release that it “remains committed” to the redevelopment of Andrew Adkins. The organization said it would conduct an updated evaluation of its real estate portfolio over a several month period to determine what projects it should prioritize.
“This is very disappointing news for ARHA and the community as a whole. ARHA was and continues to be committed to the redevelopment of Andrew Adkins. ARHA continuously demonstrated its dedicated to the project throughout the negotiation period, but the modification to certain financial aspects of the deal and other concessions requested by the development partner were not in the best interest of ARHA or the community it serves,” Pettigrew said in the statement. “… We want to proceed in the smartest way possible. We remain committed to redeveloping our properties for the long term and for the benefit of all residents of Alexandria.”
The proposed Andrew Adkins redevelopment has been in the works since late 2016.