Since residents of Jamestown Village were notified that their rental townhouses were becoming condominiums, rumors and confusing information have abounded. A meeting was held Monday night to encourage discussion between the new owners and the residents.
“We are here to answer your questions and to learn from you about what you need,” said Victoria Davis, president of Mid-City Urban, the purchaser of Jamestown Village. “Many of you heard things before we purchased the property, but not from us. We closed on Jamestown Village on Sept. 30, and letters went out to all residents as soon after that as possible. We are holding these community meetings and have people on site to work with you and to answer your questions as best we can.”
Jamestown Village is a 350-unit townhouse rental property on Van Dorn Street in the city’s west end. The townhouses are moderately priced and are largely inhabited by young professionals, families with children, the elderly and disabled. Many of the residents have lived in the same unit for more than a decade. The property is centrally located between James K. Polk Elementary School and Francis C. Hammond Middle School, with easy access to I-395.
“A NUMBER of our residents are elderly or disabled,” said one resident, who asked not to be identified because of her current negotiations with the new owners. “We are very concerned that their needs are not going to be met and that they will not be told of all of their rights under the law.”
Not so, according to Scott Nordheimer, the project manager. “We understand that there are residents with special needs and we will address those needs individually,” he said. “We understand that this is a difficult time and we want to work with everyone.”
The conversion to condominium has not yet been approved by the state. After that approval, residents have 60 days to decide whether to purchase their units. Now, though, residents are being offered an opportunity to purchase their units at a discounted rate.
“The discount will be at least five percent lower than the price offered to the general public, and maybe more,” Davis said.
Residents must decide whether to exercise this option by Nov. 29 and must pay a refundable deposit of $2,500. After the conversion is approved, these purchasers will have 10 days to review the documents and to pay an additional $2,500 to guarantee the purchase.
First Guarantee Mortgage has a loan officer on site at Parkside to work with tenants who wish to purchase their units. “The income levels of the tenants range from as low as $30,000 per year to as much as $100,000 per year,” he said. “We have several financing plans and will work with residents to find the one that best suits their situation.”
That might include qualifying for one of the city’s subsidy programs. The city offers a 99-year, $50,000 loan to households of three with gross earnings of no more than $51,000. Another city program offers 99-year, $20,000 loans to households of three with gross earnings of no more than $71,000. A representative from the city’s Office of Housing gave residents information about these programs and about their rights.
DAVIS RESPONDED to residents' questions about nonrefundable security deposits and relocation allowances: “We didn’t know about any nonrefundable security deposit, but we will look into it. As to the relocation allowance, that is set by the city.” The relocation allowance is $700 except for elderly or disabled residents. That relocation allowance is $1,400.
Davis and Nordheimer said that most of 120-days notices have gone out. “This project will be done in two phases,” Davis said. “Anyone that is in phase 1 has received the 120-days notice. If you wish to move sooner, we will work with you and, perhaps provide incentives for people living in the buildings that are to be rehabilitated first.”
Mid-City Urban will also provide incentives for those who have leases which extend beyond the 120 days. “Every lease will be honored,” Nordheimer said. “However, if you wish to leave before your lease is up, we may provide incentives for you to do so. If you are not going to purchase your unit, it is to our benefit for you to move sooner. Talk to us and let’s see what we can work out.”
The renovations are not structural, although Mid-City Urban representatives promised to deal with any structural issues. Floors will be replaced in all kitchens and bathrooms, and all carpet will be changed. Each unit will receive new appliances in the kitchens and new bathroom fixtures. Every unit will be placed on an individually metered electrical system, with heating and air conditioning units in closets in each unit. No drywall will be replaced unless there is damage or it is required by the construction of utility closets.
The cost of a one bedroom unit will range from approximately $200,000 to $250,000; a two bedroom from $250,000 to about $320,000. The three bedroom units will cost nearly $400,000.
The sales office is open as is a model. For more information, go to www.parksideatalexandria.com. Units will be offered to the general public in January.