- City officials, civic leaders and financial partners attend groundbreaking ceremony marking the start of the historic site’s transformative urban renewal – set to boost its residential density by more than 200%
- New construction will reimagine Old Town Alexandria’s multi-block public housing complex into a 207-unit amenity-rich, mixed-use development that includes open space and a community food hub
ALEXANDRIA, Va., Nov. 13, 2025 (GLOBE NEWSWIRE) -- Fairstead, a leading national real estate company committed to creating, preserving and improving high-quality affordable housing, has officially broken ground on the $120 million Samuel Madden Homes redevelopment project in Old Town Alexandria, Va. The transformative project is Fairstead’s first ground-up construction initiative that will replace the current site’s 66 townhomes with a six-story, 295,000-square-foot mixed-use community. The redevelopment will feature 207 affordable housing residences reserved for families earning between 30% and 80% of the Area Median Income (AMI), as well as a brand-new community food hub.
Scheduled for completion in fall 2027, the project – created in partnership with the Alexandria Redevelopment and Housing Authority (ARHA) and The Communities Group – will bring much-needed housing and new public spaces to one of the city’s most historic and affluent neighborhoods. The milestone was celebrated at a groundbreaking event attended by Mayor Alyia Gaskins, local leaders, financial partners and community representatives.
“This is a defining moment for Fairstead and for the Alexandria community. As our first ground-up development, Samuel Madden Homes affirms our commitment to addressing the nation’s housing challenges through strong partnerships and long-term investment,” said Jeffrey Goldberg, CEO at Fairstead. “As we grow our ground-up development capabilities, our focus remains on creating high-quality, sustainable housing that strengthens communities.”
“This partnership with Fairstead marks a defining moment for both our city and our residents,” said City of Alexandria Mayor Alyia Gaskins. “By redeveloping this site together, we’re creating homes for existing and new families and reinforcing the fabric of our community.”
Samuel Madden Homes was originally constructed in 1945 by ARHA in partnership with the federal government to provide housing for African American defense workers during World War II. The property’s existing 66 units will be redeveloped into a six-story, 207-unit community comprising a mix of one- to four-bedroom residences designed to accommodate households of varying sizes and income levels.
“Through our partnership with Fairstead, ARHA remains committed to enhancing residents’ self-sufficiency and quality of life. The team’s dedication never wavered as we worked to bring this vision to life,” said Rickie Maddox, ARHA Interim CEO. “We look forward to welcoming our families back to this site and to the new beginnings that the redeveloped Samuel Madden Homes will bring to Alexandria residents.”
“I’ve lived in this community for thirteen years, and seeing this new development begin is exciting. It gives me hope for a brighter future for this neighborhood,” said Sharee Talbert, Resident at Samuel Madden Homes. “We’re grateful for the investment and care being shown to our community.”
The project is being reimagined by a renowned team of local architects and interior designers, featuring a thoughtful design that honors the site’s heritage and its surrounding community. Architecture and landscaping are being led by Torti Gallas & Partners, one of the largest planning, placemaking and architectural design firms in the U.S., while interior design is being handled by Determined by Design, a firm recognized for its work in affordable and supportive housing. Together, their approach emphasizes equitable design and the creation of spaces rooted in history, ensuring that every detail of the development reflects both legacy and community.
The mixed-use development will feature approximately 7,500 square feet of open space and nearly 500 square feet of ground-floor community space to be used as a food hub run by local non-profit, ALIVE!. The hub will provide the Alexandria community with access to fresh, nutritious food, as well as support programs such as financial and legal services and healthy cooking demonstrations. Additional building-wide amenities and new features include a new creative studio for podcast recording, a game room with free high-speed internet access, an interior courtyard for relaxation and community gatherings, and energy- and water-efficient design strategies developed in partnership with the Virginia Center for Housing Research at Virginia Tech.
In alignment with Alexandria’s commitment to creating healthy and energy-efficient homes, the new community will adhere to green-building standards, including the Zero Energy Ready Home Program guidelines as well as Enterprise Green Communities Certificate requirements. Additionally, as part of this building initiative, the project includes efforts to record and preserve the stories of current and former residents, with a goal of capturing at least 10 oral histories. Key archaeological findings will be showcased in brochures and interpretive signage across the community.
Financial partners of the redevelopment project include permanent and construction lenders Boston Financial, Freddie Mac, and Virginia Housing. Sterling Bank and the City of Alexandria provided bridge financing and a soft loan, respectively. The financing structure leverages a U.S. Department of Housing and Urban Development (HUD) Section 18 transaction combined with 4% and 9% Low‑Income Housing Tax Credits and 45L Energy Efficiency Tax Credits.
“Boston Financial is proud to have partnered with Fairstead for many years. We have a shared belief that everyone deserves a safe, quality, affordable place to live,” said Steve Napolitano, Senior Managing Director of Equity Production at Boston Financial. “As we all know, there is a massive need for affordable housing in our country, and the redevelopment of Samuel Madden Homes is a wonderful step toward making that a reality. Speaking on behalf of the team at Boston Financial, we are happy to play a small part in helping to strengthen communities and improve lives.”
Fairstead’s regional footprint across the state of Virginia now exceeds 1,300 residences. The firm recently announced the acquisition and rehabilitation of several affordable communities in the region, including Peaceful Village and MacDonald Manor. Nationally, Fairstead owns and operates more than 26,000 apartment homes in 28 states.
About Fairstead
Fairstead is a purpose-driven real estate firm dedicated to building affordable communities across the country. Fairstead is committed to preserving and enhancing affordable housing communities nationwide by leveraging strategic public-private partnerships, innovative technologies, and a seasoned team of dedicated professionals with expertise in acquisitions, development, construction, asset management, and property management. Headquartered in New York, with regional headquarters in Colorado, Florida, and Washington, D.C., Fairstead owns more than 26,000 apartments across 28 states. For more information, visit fairstead.com.
MEDIA CONTACT:
Antenna Group
fairstead@antennagroup.com
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/28574975-5f02-47c7-b267-f239fd6f2e9e
https://www.globenewswire.com/NewsRoom/AttachmentNg/d550d567-5422-494e-b444-df5f3d1e8d1f
https://www.globenewswire.com/NewsRoom/AttachmentNg/77f3665c-828e-4f47-a4f6-71abc93672df
https://www.globenewswire.com/NewsRoom/AttachmentNg/eb405387-9f1e-4a3b-9352-50bad5dde4cd
https://www.globenewswire.com/NewsRoom/AttachmentNg/6821116e-4ffd-4d6b-9f19-c046ae38f89c
https://www.globenewswire.com/NewsRoom/AttachmentNg/b5c090ab-c2e5-4914-bbf5-51884992707e
