Franklin Group Begins Construction on 172-Unit Senior Community Along Virginia Beach Boulevard
Construction has officially begun on the first development funded through a newly introduced housing incentive program in Virginia Beach, Virginia.
Franklin Group has started work on Grand Lake Crest, a 172-unit senior living community planned for a 6-acre site along Virginia Beach Boulevard. The developer acquired the property from American Automobile Association (AAA) in January for $2.85 million — approximately $475,000 per acre — according to CoStar data.
Grand Lake Crest is the first project approved under the Virginia Beach Attainable Workforce Housing Performance Grant program. Launched late last year, the initiative offers performance-based financial incentives to developers constructing affordable multifamily rental housing. The program provides annual grants designed to help offset increases in real estate taxes for up to 15 years, with the possibility of extending benefits for an additional 15 years. City officials say the goal is to stimulate private investment in new affordable housing options.
The site is positioned along a prominent commercial corridor about two miles west of the Town Center at Virginia Beach, the city’s primary mixed-use downtown district. Plans for the development include 71 one-bedroom and 101 two-bedroom apartments. Approximately half of the units will be income-restricted, targeting seniors earning 50% or less of the area median income.
According to Franklin Group, the new community will help address increasing demand for affordable, age-restricted rental housing in the local market. Its strategic location and affordability focus are expected to enhance senior housing availability across the city.
This marks another milestone project for the Virginia Beach-based firm, previously known as Franklin Johnston Group. In recent years, Franklin Group has delivered several multifamily developments in the area, including the 220-unit Elevate 17 — a redevelopment of a warehouse property more than 50 years old — and the 150-unit Arbors at Birchwood senior housing community.
For the Record
Clay Willis of Cushman & Wakefield Thalhimer represented the American Automobile Association in the land transaction.
Source: Original reporting by Emily Pross, CoStar News.
