Fairstead has officially broken ground on the $120 million Samuel Madden Homes redevelopment project in Old Town Alexandria, Virginia.
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 as well as a brand-new community food hub.
Scheduled for completion in fall 2027, the project is a partnership with the Alexandria Redevelopment and Housing Authority and The Communities Group. Architecture and landscaping are being led by Torti Gallas & Partners. Financial partners include 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. Fairstead’s regional footprint across the state of Virginia now exceeds 1,300 residences.
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