William Park: From Rural Virginia to Shaping Virginia's Housing Industry and Higher Education Policy

Have you ever wondered how a young man who grew up on a tobacco and beef cattle operation in Southside Virginia would go on to shape how communities consider novel approaches to affordable housing for the elderly? William Park, Chair of the Virginia Tech Foundation and Principal of Pinnacle Construction and Park Properties, was guest on the Virginians of Interest podcast where he shared his journey from Southside Virginia to leading major multifamily development projects.

► Click here to listen to the Podcast!

Pinnacle Construction, Gateway Senior Living Among 2023 HBAV Housing Excellence Awards Winners

Charlottesville, VA - Each year the Housing Builders Association of Virginia honors association members who embody the mission of the HBAV, to protect and enhance the housing climate, and to ensure the vitality of the building industry so as to benefit its members and the citizens of the Commonwealth of Virginia. On June 3, 2023, the HBAV announced 20 Housing Excellence Awards during the 2023 Annual Conference held at The Greenbrier Resort. These awards recognize HBAV members for their dedication, leadership, and engagement in the community and Virginia building industry.

Pinnacle Construction and Development Corporation and its project Gateway Senior Living received the Innovation Project of the Year Award for their forward thinking in homebuilding through production techniques, energy efficiency, air quality, durability, sustainability, and resiliency. Pinnacle Construction and Development Corporation developed Gateway Senior Living, an 80-unit, green certified, apartment community for low-income seniors at or below 60% of the area median income located in Augusta County, utilizing modular construction to optimize construction efficiency, cost, and quality.

Gateway offers living spaces designed with the idea that senior housing should provide an optimal living experience, surpassing former precedents in intention and purpose alike. Using the modular construction method – a method in which the building is constructed offsite and then delivered to the job site where the prefabricated pieces are assembled – the goal for Pinnacle Construction and Gateway Senior Living since inception, has been to support affordable housing and spur innovative and creative opportunities within the housing industry as a whole.

This year’s HBAV awards were judged by a diverse group of members from across Virginia including remodelers, land developers, multifamily builders and suppliers, trade partners, custom and volume single family builders. Individual achievements were judged on performance between January 1, 2022 and December 31, 2022, and all projects were completed between January 1, 2022 and March 31, 2023. The HBAV is a 2,700 member professional trade association dedicated to enhancing and protecting housing in Virginia, while advancing the home building industry within the Commonwealth.

To find out more about Gateway Senior Living please visit, www.gatewayseniorapt.com

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About Pinnacle Construction and Development

Pinnacle Construction & Development Corp. is a Virginia real estate developer based out of Charlottesville, serving Central Virginia and beyond. Pinnacle has developed and constructed Multi-Family, Commercial, Mixed-Use, Medical, Historic Restoration, and Senior Living Facilities across Virginia.

Pinnacle was founded on the philosophy that a General Contractor with a strong design and real estate development background can enhance the value of any client's project, by more efficiently and effectively transferring the design, financial, and entitlement process to the building construction project at hand. This philosophy becomes apparent upon review of Pinnacle's Virginia construction projects which have won both state and national awards for building construction and development excellence.

Pinnacle's affiliate companies Bluestone Land LLC, Park Properties Management Company LLC, and Bluestone Capital Advisors LLC are commercial building development, real estate asset management, and mortgage bank firms respectively, with construction projects throughout the state of Virginia. These building construction projects are primarily multi-family residential, commercial office, mixed-use, and commercial developments.

PCDC Makes Progress on Innovative Modular Design Project , Gateway Senior

Check out an inside look at the innovative construction process involved in building our newest project, Gateway Senior Apartments, located in Fishersville, VA.

Gateway Senior Apartments to Offer Affordable Housing in Fishersville

- Modular Construction to be Used in Building New Development -

There’s good news for many seniors seeking affordable housing in the Shenandoah Valley. Gateway Senior Apartments, an affordable housing development in Fishersville, Va., is currently under construction and is scheduled to be completed in the spring of 2022.

The four-story affordable senior housing project, financed by Virginia Housing, will provide much needed housing for seniors 55 and over with limited incomes. It will offer 50 two-bedroom and 30 one-bedroom apartments, as well as a fitness center and community space for residents. In addition, it’s within a mile of the Augusta Health Center and near a wide range of other medical, cultural, and community facilities.

However, the most unique thing about the development is the way that it is being built.

Modular Construction

“Gateway Senior Apartments is the first development that we’ve financed using modular construction,” said Art Bowen, Virginia Housing’s Director of Rental Housing. “This process has a number of advantages, the biggest being time savings. In fact, if this development was built through conventional construction, it would have taken 24 months. By using modular construction, it will be built in 15-18 months – a time savings of approximately 30%.” As a result, he said the units can be placed in service faster, benefiting those in need of housing.

These time savings are realized because construction of modular units occurs in an offsite factory, at the same time as foundation work is being done. The prefabricated units are then shipped to the building site 75% complete and are stacked on top of a stick-built first floor.

The developer then connects the electrical and plumbing systems and installs the roof and siding to complete the building.

In addition to time savings, benefits of modular construction include high-quality construction, cost savings, less waste, fewer weather-related delays and a reduced risk of accidents for workers.

“This development meets an existing need in the Fishersville area for affordable senior housing, and Virginia Housing looks forward to financing similar developments using modular and other innovative construction methods in communities across the state,” added Bowen.

Innovation Initiative

In 2019, Virginia Housing created a new Innovation Pool in its tax credit program to promote the use of innovative construction techniques in affordable housing developments. This led Pinnacle Construction and Development Corp., the developer of Gateway Senior Apartments, to seek funding through the pool.

After Pinnacle’s proposal was reviewed and approved by Virginia Housing, they were awarded 9% federal housing credits, equal to $14 million, to offset the cost of construction.

As a result, Pinnacle became the first developer to use the Innovation Pool tax credits and will lease rent-restricted units at Gateway to residents earning 60% or less of the area median income (AMI). Pinnacle also received $6.4 million in financing through Virginia Housing for the balance of the project. Park Properties Management Company, a related entity and a Virginia Housing certified management agent, will manage the property.

“Gateway Senior Apartments presents a unique opportunity for Pinnacle Construction to partner with Virginia Housing to learn about and maximize the benefits of innovative construction methods for affordable housing,” said William Park, President of Pinnacle. “We look forward to sharing the positive impacts of this collaborative endeavor with the local community.”

Pinnacle is also associated with Regency Senior Living, an assisted living facility next to Gateway, which could provide an opportunity for many residents to age in place.

PPMC and PCDC honor Veterans

PPMC ‘Breaks Clays’ in Support of Scouts

The Team from Pinnacle Construction and Park Properties competed in the Virginia Headwaters Council “Breaking Clays for Scouts” Fundraiser at Shenandale Gun Club in Augusta County on 9/19/20. Representing the Team from L-R: Ken Young – Scoutmaster for Troop 114 in Ivy, Chris Kantalonous – IT Manager, PCDC/PPMC, William Park – President, Richard Park – Vice President. In addition to a wonderful day and great camaraderie, the Team finished Third in the competition.

Happy Workiversaryary!

Happy Workiversaryary!

Happy Workiversaryary!