‘Affordable rent’ aparments planned for Scott’s Addition
RICHMOND, Va. — With rents rising, a local nonprofit hopes to bring affordable housing to Richmond’s hottest neighborhood.
The Better Housing Coalition last week bought the Quality Inn & Suites building at 3200 W. Broad St. in Scott’s Addition for $5.9 million. The nonprofit’s plans call for a $30 million conversion of the property into a mixed-income, mixed-use property in Scott’s Addition.
Upon completion, the development would be BHC’s largest single investment in the city in the nonprofit’s 28-year history, according to a release announcing the plans. Construction is expected to begin summer 2017.
“Over the next nine months to a year, we look forward to working with the city, the community and our investment partners to make this development in this strategic community of opportunity come alive,” Greta Harris, BHC’s president and CEO, said in the release.
On Friday, spokeswoman Stacie Birchett said hotel operations at the Quality Inn were expected to wind down over the weekend. Calls to the hotel went unanswered on Friday.