A new housing development is breaking ground on May 30 in Henrico County. The rent-restricted, solar-powered apartments, known as 'The Helios,' are a joint venture between Richmond-based partners Spy Rock Real Estate Group and Crescent Development. All units will be restricted and affordable to those earning under 60% of the Area Median Income (AMI). The site is located at 5701 Chamberlayne Road and replaces an abandoned Days Inn motel. The estimated completion of the project is by the end of 2025.
The Helios development will operate using solar power generated on-site to reduce utility costs for residents and emissions. The plans include solar panels on each building's roof along with four ground segments across a 1.9-acre solar array. The construction process and utilities will meet Virginia Energy Ready Home code and EarthCraft Gold community standards for energy efficiency.
The $54 million development cost is funded by a $35 million construction loan from Bank of America and a $23 million Low-Income Housing Tax Credit (LIHTC) indirect equity investment arranged by Red Stone Equity Partners. Additional financial partners include Virginia Housing, Harrisonburg Redevelopment and Housing Authority, and Cedar Rapids Bank & Trust.
“The Helios is a pioneering affordable housing project, entirely powered using a large private solar array,” said Andrew Basham, Principal at Spy Rock Real Estate Group. “To our knowledge, this hasn’t been done before in Virginia.”
Spy Rock focuses on multi-family and mixed-use properties across Richmond, with over 45 projects involving more than 4,000 units of housing and 593,000 square feet of commercial space.
“This joint venture is a wonderful opportunity to create affordable housing in a way that benefits the community,” said Zac Frederick, Founder & CEO of Crescent Development. “At Crescent, we rehabilitate developments and create new housing opportunities where people can live both affordably and comfortably.”
Crescent specializes in acquiring, substantially rehabilitating, and developing affordable housing.
“This collaboration will benefit our community by providing more high-quality, affordable housing in Henrico,” said Supervisor Roscoe D. Cooper III of the Fairfield District which includes The Helios. “This development creates both jobs and housing for our residents while supporting the broader reinvention of the Chamberlayne corridor.”
The 8.2-acre site consists of three mid-rise buildings offering 186 units with one to three-bedroom floor plans. Common spaces include a clubhouse, fitness center, playground, dog park, grilling area, and open green space.
Located near local amenities such as grocery stores, schools, shops, restaurants, places of employment with easy access to major highways and public transportation for residents’ convenience. The Helios will have on-site management offices providing over 350 parking spaces alongside unit amenities like balconies central A/C dishwashers microwaves washer/dryer units ceiling fans garbage disposals
“Bank Of America Is pleased To help finance 'The Helios' which provides much-needed affordable housing To Our Community” Said Victor Branch Market President Bank Of America Richmond This innovative sustainable development contributes significantly towards improving quality life Greater Richmond Region”
KBS serves as general contractor Poole & Poole Architects handles architectural design VHB Engineering tasked completing civil/site design Once complete Steelhead Management provides property management residential services
Reporters may contact:
Matt Card
Bank Of America
Phone: +1-202-579-6879
matthew.card@bofa.com