Saturday, October 31, 2009
Construction to start on townhomes
Work on the $13 million townhome project, which will be partially funded through stimulus funds, is expected to start in January.
| Sharla Bardin
sharla.bardin@roanoke.com, 381-1669
Construction is expected to start in January for 70 townhomes on Peppers Ferry Road in Montgomery County that will be partially funded by stimulus funds.
The Forest Hills Townhomes will feature one-, two-, three- and four-bedroom brick townhomes and will involve green building principles, according to a news release from developer Unlimited Construction Inc.
The development will also include sidewalks and community green space.
Bids will be taken from local subcontractors and vendors for construction, which is expected to be completed in April 2011, according to the release.
Mark Kinser, president and CEO of Radford-based Unlimited Construction, could not be reached for comment Friday.
The townhome development received approval in 2007 from the Montgomery County Board of Supervisors for the rezoning of 17.6 acres from residential and agriculture use to residential multifamily.
At the time, some residents had expressed concerns about increased traffic from the project and its effect on the nearby Belview Elementary School and surrounding properties.
County officials said then that the project fit into the county's long-range comprehensive plan, that the area was primed for growth and that development would come to areas where water and sewer infrastructure were available.
After the project approval from the county, Kinser said in a 2008 letter that, because of the economic impacts on Wall Street at that time, the project was on hold as project representatives were waiting for the return of reasonable financing.
Now the $13 million development will be partially funded with $5 million of Recovery Act Funds, $5 million of investor equity and the balance through a Virginia Housing Development Authority long-term loan, according to the news release.
Kinser said in the release that "not only will this new community provide safe, quality, affordable housing for working families, but it will also bolster our construction industry as we plan to use local companies for labor and materials."
