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Developers broke ground May 30 on the The Helios, a $54 million, rent-restricted, solar-powered apartment building in Henrico County, according to an announcement by Bank of America, which is financing construction.
A joint venture between Spy Rock Real Estate Group and Crescent Development, both based in Richmond, the apartments will replace an abandoned motel. The project is expected to be completed by the end of 2025.
Three mid-rise buildings with elevators will house 186 units with one to three bedrooms. The development, which is being built on 8.2 acres on Chamberlayne Road, is located near grocery stores and schools with access to public transportation.
Plans include installing solar panels on the roof of each building, along with four ground segments across a 1.9-acre solar array. Solar power will be generated on site to reduce emissions as well as utility costs for tenants.
The Helios is funded by a $35 million construction loan from Bank of America along with a $23 million Low-Income Housing Tax Credit investment arranged by Ohio-based Red Stone Equity Partners. The Harrisonburg Redevelopment and Housing Authority is issuing tax-exempt bonds for the project and Iowa-based Cedar Rapids Bank & Trust will provide permanent financing.
The apartment’s units will be limited to tenants earning 60% of area median income, which was about $44,820 for one person and $63,960 for a family of four in 2023.
Based in Scott’s Addition, Spy Rock focuses on multifamily and mixed-use properties in Richmond and has been associated with more than 45 projects involving 4,000 units of housing and 593,000-square-feet of commercial space. Crescent specializes in the acquisition, rehabilitation and development of affordable housing and historic structures and other assets.
“This development creates both jobs and housing for our residents, and it supports the broader reinvention and strengthening of the Chamberlayne corridor,” Roscoe Cooper, a member of the Henrico County Board of Supervisors, said in a statement.