Real Estate Developments

Overlook Ridge

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Description

The site of the proposed Overlook Ridge Apartments is at Montague Court, off Lofty Circle and White Hill Road, to the west of the Stuarts Draft community. There are no apparent physical, environmental, or other constraints upon the construction and marketing of the proposed project at this location. TheOverlook RidgeApartments will comprise 50 units-28 two-bedroomunits and 22 three-bedroomunits. The project is new construction. Of the 50-unit total, five units will be targeted to households with incomes up to 30 percent of the median, 21 units will be targeted to households with incomes up to 50 percent of the median, six units will be targeted at the 60 percent level, and the remaining 18 units will be targeted at 80 percent of the median, and therefore qualify the apartments for low income housing tax credit status. Employment in Augusta County in 2021 - the most recent annual report - shows employment at 35,201. Employment showed modest growth from 2012 to 2020 when 1,618 jobs were lost from 2019 - a consequence of the COVID-19 pandemic. Data for 2021 show that, locally, employment is yet to show net gains.

Project Details

Status

In Progress

City

Stuarts Draft

State

VA

Zipcode

24477

Construction

New Development

Start Date

April 2024

Expected Completion Date

April 2025

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Source(s):
VHDA
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          Sources:

          VHDA

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