25 years with Stonebriar Apartments

Oct 14

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Stonebriar Apartments

We're taking you back to one of VCDC’s first Low-Income Housing Tax Credit (LIHTC) properties: The Stonebriar Apartments in St. Paul, VA. Stonebriar was developed in the 1990’s, but its original building was constructed in 1909 as the “Blue Sulphur Hotel.” The hotel was passed down to multiple different owners over the years and became the St. Paul Hotel in 1955 after it received a stylish refurbishing. In 1996, Wise County Redevelopment and Housing Authority (WCRHA) redeveloped the St. Paul Hotel into Stonebriar Apartments to serve senior citizens and promote downtown revitalization.

VCDC helped fund this reconstruction through one of our first Housing Equity Funds, and in 2016, we invested $924,000 in LIHTC equity along with $309,604 in Federal Historic Rehabilitation Credits that went towards an extensive renovation of the apartments. These renovations emphasized energy efficiency and resident comfort within all 23 homes in the building, including new accessible walkways, high quality heating and cooling systems, flooring and cabinets, and restoration of the former hotel’s front porch.

Ever since Stonebriar’s original rehabilitation in 1996, the Town of St. Paul has undertaken several other redevelopments to restore historic charm and support new opportunities in the town, such as refurbishing old buildings, creating new businesses, and bolstering tourism efforts. We can’t deny that the Stonebriar Apartments have not only brough charm to St. Paul but have also brought quality and affordable homes to seniors in the area. We are so proud to have Stonebriar Apartments in our portfolio, coming up on 25 years!