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Andrew Adkins Redevelopment Cancelled - Source Alexandria news

Posted on Aug 02,2018
Filed Under News , Community,

Andrew Adkins property (photo courtesy of AOH Presentation)

Source Alexandria news

ALEXANDRIA, VA. - The Alexandria Redevelopment and Housing Authority has terminated its partnership with Alexandria Opportunity Housing LLC for the redevelopment of ARHA’s Andrew Adkins property.

ARHA CEO Keith Pettigrew notified Alexandria City Council members of this decision in an email on July 27. “ARHA has made the determination to cease further negotiations with Alexandria Opportunity Housing LLC, an affiliate of CRC, regarding the redevelopment of the Andrew Adkins site,” Pettigrew wrote. “By way of background, ARHA and AOH entered into a term sheet in December 2016, setting forth the basic business terms pursuant to which AOH would serve as ARHA’s development partner for the Andrew Adkins site. In March 2017, ARHA began negotiation of a Development Agreement with AOH based on the term sheet. Over the last 2 years, those negotiations have continued in good faith, with both parties agreeing to certain modifications to the basic business terms set forth in the term sheet in order to keep the project viable, including significant modifications to the project schedule. In June, AOH advised ARHA that in order for the project to remain economic viable, the current financial structure agreed upon by the parties over the course of the protracted negotiations would require further modifications. The ARHA Board has determined that those modifications are not in the best interest of ARHA and, therefore, at the direction of the ARHA Board, ARHA has notified AOH that ARHA has determined that it will be unable to reach mutual agreement with AOH on a Development Agreement for the Andrew Adkins site, thereby effectively terminating AOH’s role as the Selected Developer for that site. AOH remains the Selected Developer for the Samuel Madden site.”

Source Alexandria news

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