$30 million Golden Peanut project fizzles in downtown Suffolk | Apartment Loan Depot Since 2005 – Fannie Mae and Freddie Mac Multifamily Loans Nationwide

(RECAP: A Richmond-based development company known for historic restoration has pulled the plug on a plotted $30 million project in downtown Suffolk. Tom Dickey, principal of The Monument Cos., said in an email Friday that the choice was a result of uncertainty about tax credits on which the company relies. It’s unclear whether the company will revisit the project. Over the course of the last six months, he wrote, a General Assembly joint subcommittee on taxes discussed implementing caps on the state Historic Rehabilitation Tax Credit program. The program, he said, spurs private investment in rural and urban localities across Virginia. Last spring, The Monument Cos. and Sensei Development proposed building at least 233 loft-style apartments, plus office and retail space on the site of a former peanut processing facility known as the Golden Peanut. It was to be built in phases over at least four years.)