Plans to redevelop the Ladrey Senior Hi-Rise in Old Town have been deemed “infeasible” by the property owner, the Alexandria Redevelopment and Housing Authority.
The U.S. Department of Housing and Urban Development has “terminated operating support for building management and maintenance” due to delays in the redevelopment, and now ARHA plans on moving more than 150 residents out of the 1970s-era building by the end of the year. Consequently, ARHA wants the city to back loans to acquire The Alate (1122 First Street), a recently built senior housing apartment building in the Braddock neighborhood, for the relocation of Ladrey Senior Hi-Rise residents.
ARHA has told the city that the developer behind The Alate “wishes to exit the project and has agreed to its sale for $56.8 million,” according to a staff memo. The property was assessed at $53.1 million earlier this year, according to city records…