Lawson is proud to share that Market Heights Apartments in Norfolk, VA have been awarded the 2024 CoStar Impact Award for Multifamily Development of the Year in the Hampton Roads Virginia market.
Market Heights is a two-phase community totaling 164-unit income restricted 100% affordable LIHTC (Low Income Housing Tax Credit) units in Norfolk’s St. Paul’s district serving residents at 40%, 50%, and 60% AMI. The development includes 80 units of Universal Design and 17 fully accessible 504-compliant units.
“Affordable housing is crucial to the region.” said Impact Award judge, Kenneth Kahn, dean and professor of the Strome College of Business at Old Dominion University.
Market Heights is the first property approved under the City of Norfolk’s new resiliency code mandating specific resilient measures applying to flooding, energy efficiency, and building integrity. The site has been raised out of the flood plain and manages 25% more stormwater due to improvements compared to the previous site. Environmental improvements resulted in Market Heights being recognized as an Elizabeth River Project River Star Business.
Lawson partnered with Hope House Foundation and Volunteers of America Chesapeake and Carolinas at Market Heights to provide permanent supportive housing to residents with disabilities. Hope House also obtained a $100,000 grant from LISC Hampton Roads, powered by Sentara Health to fund a mobile food pantry, private telehealth booth, and accessible fitness center with wellness classes to benefit all Market Heights residents.
“Market Heights is a fantastic example of modern affordable housing, developed in partnership with organizations who share our values and mission and designed to serve the needs of our community.”, said Lawson President and CEO, Carl Hardee.
The CoStar Impact Awards recognize exemplary commercial real estate transactions and projects completed in 2023 with significant influence in neighborhoods or submarkets across 128 major markets in the United States, Canada and the United Kingdom.
