Timmons Group collaborated with our partners at Better Housing Coalition to write this article.
Affordable housing has become a pressing issue in many regions, pushing municipalities to create solutions to help communities thrive. Creating more affordable housing options means more than just providing shelter; it has far-reaching effects on communities. It means providing stability, security, greater equity, and a sense of belonging.
According to the U.S. Department of Affordable Housing and Urban Development, affordable housing is housing in which the occupant is paying no more than 30 percent of gross income for housing costs, including utilities. When individuals and families can comfortably afford their homes, they can allocate money to other necessary resources like healthcare, clothes, experiences, travel, and groceries, or put money into their savings for the future. An abundance of low-income housing options allows communities to build wealth and invest in the local economy.
After housing, the second largest annual expenditure for households is transportation, according to the U.S. Bureau of Labor Statistics. Transportation is inseparably intertwined with housing. Where we live affects various aspects of our lives, such as our mode and cost of travel, our place of employment, where we buy our food, or even what doctor we see. Integrating efficient transportation systems with community-centric housing is essential to alleviating transportation costs by providing ease of access to local retail, healthcare, and employment opportunities. Investing in housing that is conveniently connected to necessities and amenities through public transit or walking helps reduce transportation expenses that can ultimately burden households.
Through meticulous planning, cost-effective design methods, and leveraging partner relationships with local organizations and municipalities, Timmons Group strives to make affordable housing a reality that fosters an inclusive future for generations to come. We aim to create housing developments that meet the needs of low and middle-income families and contribute to the well-being of the communities we serve.
Timmons Group’s Residential Development team is committed to making a positive impact on the community and empowering its residents. Over the years, they have undertaken several affordable housing projects in Richmond’s historic Jackson Ward neighborhood. These projects include North First & Jackson Street, The JXN Project, and the recently finished The Planet Apartments.
In 2020, Timmons Group partnered with Better Housing Coalition (BHC), Richmond’s largest nonprofit community development corporation, on The Planet Apartments project with the goal of bringing high-quality, affordable housing options to a largely displaced Richmond community. The newly constructed apartments welcomed their first residents in September of this year.
Located at the corner of Cameo and Jackson Streets in the historic Jackson Ward neighborhood, the new Planet Apartments consist of 67 one-, two-, and three-bedroom income-restricted units. The affordable housing apartment community sits on 1.5 acres that is situated in close proximity to Interstate 64-95 and multiple bus lines, which offers tenants a variety of multimodal transportation opportunities.
As a nod to the historic neighborhood, the 76K SF three-story apartment building is named for the Richmond Planet newspaper, which was originally founded in 1882 by formerly enslaved Black men and edited for 45 years by outspoken Jackson Ward resident John Mitchell, Jr.
In naming the building, BHC honors the rich history and important contributions of one of America’s first African-American newspapers. Interior design of the community lends itself to the newspaper through accents of bright colors, uniquely angled walls, and modern lighting fixtures that resemble planet spheres.
Residents of The Planet Apartments will have annual household incomes between 40% – 60% of the Area Median Income (AMI), ranging from $42,640 to $63,960 for a family of four. Residents will have access to various amenities, including first-floor patios, second- and third-floor balconies, a rooftop deck, and a community room. Rents range from $843 for a one-bedroom to $1,387 for a three-bedroom unit.
The Planet Apartments broke ground in May 2022 and were completed in September 2023. The development costs for the apartment community are estimated at $19.6 million. Timmons Group was excited to attend the ribbon cutting ceremony on October 19, 2023, hosted by our partners at Better Housing Coalition to celebrate the completion of the new apartments.
UrbanCore Construction served as General Contractor, while Baskervill provided architectural services. Major funding for The Planet was provided by Virginia Housing, Virginia Department of Housing and Community Development, Atlantic Union Bank, the City of Richmond, and VCC Bank. Additional financial support was provided by Altria Client Services, The Cabell Foundation, Mary Morton Parsons Foundation, the Community Foundation for a Greater Richmond, the Pauley Family Foundation, and William R. Kenan Charitable.
Timmons Group and Better Housing Coalition, along with our teaming partners, were happy to bring the Planet Apartments project to the Jackson Ward community. By providing a stable and secure foundation, affordable housing contributes to the growth of local economies and fosters a more inclusive society. It creates opportunities for people of all backgrounds to live, work, and thrive together in vibrant and diverse communities, enhancing the quality of life for everyone. Stay tuned for upcoming updates to delve deeper into the intricate dynamics and developments within the affordable housing market.
