Developers had initially planned 99 affordable condos in the second phase of the project, to go with 132 units built in the first phase, the Business Times said. But a growing call for affordable housing in Richmond has prompted developers to amend the project’s second phase to “include between 300 and 800 apartments for workers and seniors,” at least 30-percent affordable, Alexis Gevorgian, founder of AMG & Associates, told the Times.
The project would cost between $75 million and $200 million and Gevorgian said he is seeking various avenues to raise funds to make it possible, including state funds earmarked for transient-oriented development.
Chad Smalley, capital project managers for the city of Richmond, told the Times the city believes there should be “something more dense in that area.”
Construction is slated to begin in two years, the Times reported. Gevorgian is behind several affordable housing projects in Richmond, either completed or in the design review stage.
The photo of the Richmond BART retail-parking facility courtesy of Watry Design, Inc.