Brady Square will have 264 apartments by mid-2024
September 9, 2022
The final two phases of Brady Square, a $55 million affordable housing community in Richmond, now have funding and approvals to move forward, developer Dakota Partners announced Tuesday.
The Massachusetts developer announced plans for the community in December 2021.
Dakota Partners has purchased a 14.4 acre parcel at 2200 Brady St. on the south side of Richmond. The complex will have 246 residential units. The first two phases, with 132 units and a community building, are under construction and 40-45% complete. The first phase is planned to include 66 units with 11 buildings and a community building; the second phase will also have 66 units. The first phase is expected to be completed in May 2023 and the second in August 2023.
The third and fourth phases, each with 66 units, will bring the total to 264 units. Work on phase four began in early September and includes clearing the area for the pads where its four buildings will stand. Phase four is expected to be completed in August 2023. Phase three will begin in late September and is expected to be completed in May 2024.
The four phases will include one-, two-, and three-bedroom apartments with gardens and townhouses in two-story residential buildings.
Brady Square will target households earning 30%, 50% and 60% of the region’s median household income. The AMI in Richmond for 2020 was $51,421, according to the US Census Bureau.
The undeveloped land was purchased from Drucker & Falk LLC, a Newport News-based commercial real estate company specializing in the management of multi-family properties. Dakota received $700,000 from the Virginia Housing Trust Fund in July 2020 to help fund the first phase of the project, according to the state.