Piper Square: Updated Homes in Hopewell
VCDC is proud to welcome Piper Square Apartments to our portfolio.
Dec. 2020 - Located in Hopewell, VA, the Piper Square project involves the rehabilitation of a 104-unit public housing apartment community built in 1982. The property features 11 garden-style residential buildings and a community building interspersed with playgrounds, basketball courts, and open grassy recreation areas. The project will result in 103 affordable housing units ranging from one- to four-bedrooms, including 11 units outfitted with accessibility features for residents with disabilities.
VCDC provided $6,354,181 in LIHTC equity from Housing Equity Funds of Virginia XXII and XXIII to the project’s total development cost of $21,526,357, and is partnering with developer and sponsor Hopewell Redevelopment and Housing Authority, the primary provider of affordable housing in the City.
Piper Square has not received significant updates in the nearly 40 years since its initial construction. The current renovation will be comprehensive, upgrading or replacing all major building systems including HVAC, new roofs, windows, and finishes throughout the units to bring them up to modern standards. Construction is expected to be completed in summer 2021.
