A resource for potential and current real estate investors.
Tuesday, May 8, 2012
Alexandria Planning Commission Approves Major Gentrification Project
The Alexandria Planning Commission voted to approve a major gentrification project yesterday: http://tinyurl.com/bmuj5ql
The implications are broad reaching: http://tinyurl.com/6nny9ua. The area affected is 430 acres or four times the size of the Pentagon and its parking lots. The move will shift from many of the townhouse and garden-style apartments currently available to more working class tenants to high-rises with a much higher price tag. The city is setting aside 800 low-income units that must be provided as well as a number of improvements: a new fire station, $50 million for roads, athletic fields, etc.
This effort is a part of a larger trend for the close-in suburbs. The real estate where many working class folks live is just too valuable to continue serving those populations.
We'll continue reporting on these trends so you can make your investment decisions accordingly.