Within the next year, the Richmond Hwy Corridor will see over 1,300 residential units come online, representing more than an 11% increase to the current available inventory.  Consider the annual average for new development on the Corridor is 256 units, these new developments indicate a 5x growth rate.  This pace of growth is likely to continue into the near future with recent approvals of several new developments.

Adopted in 2018, the Embark Richmond Highway plan laid the groundwork for this type of multi-story development around planned Bus Rapid Transit (BRT) stations in Community Business Centers (CBC).  The vision is starting to become a reality as even more projects are being proposed in the CBC’s with the Fairfax County Planning Commission evaluating a major new development at the Huntington Metrorail Station.

The proposed plan initiated by the Washington Metropolitan Area Transit Authority (WMATA) would allow up to 1,500 multifamily units and 382,000 sqft of non-residential use including office space and retail. The Plan includes the provision of affordable housing, preservation of some of the conservation area, and green building design.

The plan utilizes strategically placed mixed-use development to create activated ground floor nodes of community activity and plaza space. 

Additionally, several development projects have already been approved but have not started construction including Lennar’s proposal to build 466 multi-family and townhome units in the Penn-Daw CBC and Elm Street’s proposal to build 280 multi-family units in the Hybla Valley neighborhood.

It’s important to note that around one third of the units coming online within the next year will be affordable income restricted units at 60% of the Area Median Income (AMI) and below.  This high rate of affordable housing is due to two of the major developments, The Arden and North Hill, being partially financed by Low Income Housing Tax Credits (LIHTC) requiring the units to be affordable at specific income ranges.  For instance, in a 60% AMI restricted unit, a family of 4 making a combined income of 85,380 or less could qualify to rent the unit. The income amount varies by number of people in a household and by the AMI percentage set aside for each specific unit.  You can see the qualifying income ranges and rent limits for various household sizes in the 60% AMI range in the table below.  

As rents continue to go up along the Corridor, it is imperative that affordable units keep up to pace with market rate units allowing people of all income levels an opportunity to live in the region.  Fairfax County has done a good job of requiring a certain number of units within new market rate developments (currently at 12% of units) be set aside for affordable and workforce income requirements, also known as inclusionary zoning.

Increased demand and market forces have caused rents to go up and vacancy to go down over the last year on the Corridor.  A 19% increase was seen for studio apartments while a 15%, 11%, and 13% were seen for 1-bedroom, 2-bedroom, and 3-bedroom apartments respectively.  A large increase in supply may slow down the pace of rent growth and keep the area affordable, at least compared to its neighboring metros of Alexandria and D.C.

  With right-of-way acquisitions continuing to proceed for the planned Richmond Highway BRT and road-widening projects, you can expect the Richmond Hwy Corridor to have a whole new look and feel within the next 5-10 years.  If everything goes according to plan, the Corridor will become an urban Main Street while existing suburban neighborhoods will be preserved.

Here is a list of developments that will come online within the next year.

1.) The Belhaven located at 6374 Richmond Highway: This new development will bring 350 units to the corridor. Anticipated opening in Fall 2022.

2.) The Residences at North Hill located at 7201 Richmond Highway: Opening in Fall 2022, this development will add 279 units to the corridor. Featuring a mix of one- and two-bedroom apartments, this development will primarily include affordable units with some market rate townhomes (Some townhomes are already available for sale).

3.) The Arden located at 2317 Huntington Avenue: Slated to open in Fall 2022, The Arden will bring 126 affordable units to the corridor. This state-of-the-art development will feature amenities like a fitness center, swimming pool, and roof deck with stunning views of the cityscape.

4.) South Alex located at 2803 Poag Street : Set to open in Spring 2023, this development will offer 400 units to residents with several opportunities for ground floor retail.

5.) Aventon Huntington located at 5919 N Kings Highway: Aventon Huntington is slated to open in Summer 2023. This development, adjacent to the Huntington Metrorail Station will bring 366 units to the corridor, making it one of the largest developments on this list. Aventon Huntington will feature a variety of floor plans and amenities.