A groundbreaking ceremony on May 30 marked the start of construction for The Helios, an affordable housing project in Henrico County. This solar-powered apartment complex is a collaborative effort between Richmond-based Spy Rock Real Estate Group and Crescent Development, aimed at increasing affordable housing units in the region by 2040. The development will occupy the site of the former Days Inn motel at 5701 Chamberlayne Road, with an expected completion by the end of 2025.

“The Helios is a pioneering affordable housing project, entirely powered using a large private solar array,” said Andrew Basham, principal at Spy Rock Real Estate Group. “To our knowledge, this hasn’t been done before in Virginia.”

The Helios will feature rent-restricted units affordable for individuals earning less than 60% of the area median income.

The development is distinguished by its on-site solar power generation, aimed at reducing utility costs and emissions. Solar panels will be installed on each building’s roof and across a 1.9-acre solar array.

The $54 million project is financed through a combination of a $35 million construction loan from Bank of America and a $23 million low-income housing tax credit investment, facilitated by Red Stone Equity Partners.

Henrico Supervisor Roscoe D. Cooper III of the Fairfield District highlighted the community benefits, stating, “This development creates jobs, housing, and supports the revitalization of the Chamberlayne corridor. The developers’ vision for sustainable and affordable housing is commendable.”

Spanning 8.2 acres, The Helios will comprise three mid-rise, elevator-serviced buildings with 186 units, offering one to three-bedroom floor plans. Amenities include a clubhouse, fitness center, playground, dog park, grilling area, and open green space. The site offers proximity to grocery stores, schools, shops, restaurants, and employment centers, with easy access to highways and public transportation. On-site management and over 350 parking spaces will be available. Apartments will feature balconies, central air conditioning, dishwashers, washers/dryers and ceiling fans.

Victor Branch, market president at Bank of America Richmond, remarked on the project’s significance, saying, “The Helios will provide much-needed affordable housing and contribute to a growing, vibrant community in the Greater Richmond Region.”