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A Virginia Village building will be maintained as market-rate affordable units after being purchased by the Falls Church Economic Development Authority. (Google Maps )
FALLS CHURCH, VA — On Wednesday, the Falls Church Economic Development Authority voted to enter a contract to buy one Virginia Village property at 302 Shirley Street for $925K.
When the sale is complete, the city will allow existing tenants to remain. However, the purchase will allow the city to consider options for future uses. The city does plan to keep the market-rate affordable units.
Virginia Village is a neighborhood of 20 multifamily residential buildings covering 4.5 acres of land area. The building being purchased by the economic development authority is 2,560 square feet and has four one-bedroom apartments. The city already owns another Virginia Village building at 208 Gibson Street, which is managed by a property management company for use by a non-profit organization.