Local Revitalization in South Richmond: Swansboro Place
VCDC is pleased to welcome Swansboro Place to our portfolio.
VCDC is excited to welcome Swansboro Place into our affordable housing portfolio. Swansboro Place is a new construction apartment community that will bring 90 apartment homes designed for low-income families in Richmond, VA. Swansboro Place aims to provide affordable and high-quality housing while embracing the neighborhood's convenience and urban amenities.
Swansboro Place will offer a mix of one-, two-, and three-bedroom apartment homes in a 4-story building and will include outdoor grilling areas, indoor package lockers, bike racks, in-unit washer/dryer hookups, an on-site leasing office, and secure building access. Residents will also have access to a community room to further enhance the living experience. This community will create homes for families making 60% of the Area Median Income, and 18 project-based vouchers will be offered to families to further ensure greater affordability options.
Swansboro Place is named after the Swansboro neighborhood in the larger Manchester area of Southside Richmond. Manchester, with a rich history, has experienced several periods of economic prosperity and decline. In the first half of the 20th century, Manchester boasted thriving department stores, restaurants, and entertainment along the main stretch of Hull Street. As the mid-century approached, the neighborhood experienced significant population decline and disinvestment as car-centric culture and “white flight” caused residents to leave the area for the suburbs.
Despite this decline, local public and private entities began campaigning to revitalize the neglected neighborhoods of the city in the 1990’s. One example of this is the Neighborhoods in Bloom program, a city-funded initiative that supported the restoration of Richmond’s historic and underfunded areas. Additionally, local churches and non-profits have created more momentum toward revitalization by expanding access to human services and creating robust housing development programs. In recent years, new developments have concentrated the “Old Manchester” area closest to downtown Richmond.
As revitalization continues to move west through Manchester, Swansboro is in great need of revitalization and redevelopment, particularly as one of the oldest neighborhoods in the city. The area currently features commercial lots, warehouses, retailers, industrial facilities, churches, and single-family homes. Like the proposed site of Swansboro Place, various properties along the central area on Hull Street are vacant or under-utilized.
The area surrounding Swansboro Place offers a range of amenities and services at varying distances. Most community services, including major employment centers, convenience stores, gas stations, discount shopping, a grocery store, a shopping center, a pharmacy and restaurants, are all within 2.0 miles of the site.
Swansboro Place will be spearheaded by Canterbury Development Group, led by its principal partner, Junior Burr. VCDC has a longstanding partnership with Canterbury Development Group, having collaborated with the group on several impactful developments including Townhomes at Warwick Place and Townhomes at Liberty Place. Additionally, Burr played a pivotal role in assembling the development team responsible for the LIHTC redevelopment of Whittaker Place in Newport News, another property within VCDC's investment portfolio.
VCDC has invested $11.2 million in Low-Income Housing Tax Credit Equity through the VCDC Housing Equity Fund 28 to support the long-term success of Swansboro Place. The development of this exciting new community promotes local revitalization by bringing vacant storefronts and historic buildings back to life and improving blighted conditions compounding the residential appeal of the neighborhood. VCDC is excited to see Swansboro Place thrive!