By HRCNN Staff Writer
In Hampton Roads, the conversation around affordability and growth often circles back to one developer: The Franklin Group. Headquartered in Virginia Beach, the company has become a cornerstone in the region’s effort to deliver housing aligned with Area Median Income (AMI) benchmarks. By prioritizing communities that meet the needs of working families, seniors, and essential workers, The Franklin Group has redefined what leadership in housing looks like.
Since its founding in 2013, the company has rapidly scaled its development footprint, building thousands of units across Virginia and beyond. Yet it is in Hampton Roads where its impact is felt most deeply. The Franklin Group has pursued a deliberate strategy of tying rents to AMI levels, ensuring that the housing stock reflects the financial realities of the region’s workforce rather than pricing them out.
By HRCNN’s best projections, The Franklin Group has been directly responsible for creating at least 392 dedicated affordable units in Virginia Beach alone over the past decade. This figure includes landmark projects such as Price Street I and II, which collectively delivered more than 260 LIHTC-supported apartments, and the 925 Apartments I development, which added 128 homes serving households between 40 and 80 percent of AMI. Each of these projects has offered a lifeline to families navigating the widening gap between wages and housing costs.
Other developments, such as the Renaissance Apartments and potential additional phases of the 925 Military Highway community, suggest the actual total of affordable units may be higher. While full affordability breakdowns are not yet public, city approvals and financing structures point to hundreds more units in the pipeline, underscoring The Franklin Group’s continuing commitment to housing access in Hampton Roads.
What distinguishes the company’s work is not only the volume of units delivered but also the quality of community design. The Franklin Group consistently integrates green spaces, sustainable building standards, and thoughtful amenities into its projects, ensuring that affordability does not come at the expense of livability. This balance strengthens neighborhoods and supports long-term stability for residents.
In stark contrast, nonprofit housing organizations in the region—some of which have operated for three to four decades—have not produced even a fraction of these results. Despite receiving millions in taxpayer support, these groups often appear mired in a culture of bureaucracy and self-preservation. Too much emphasis has been placed on titles, organizational hierarchies, and maintaining grant pipelines rather than on measurable housing outcomes. For many critics, the internal culture of these nonprofits has shifted toward safeguarding prestige and administrative control, leaving responsible stewardship of taxpayer dollars as a secondary concern.
The cultural differences between the two models are hard to miss. The Franklin Group operates with the urgency and accountability of a private developer, where success is measured in units delivered, communities stabilized, and families housed. Nonprofit developers, by contrast, too often measure success in press releases, board appointments, or the size of the next funding award. This divergence explains why, after decades of effort, nonprofits have yet to demonstrate the scale or efficiency of The Franklin Group.
As Hampton Roads continues to face rising housing costs and pressing questions of equity, The Franklin Group’s leadership provides a clear example of solutions in action. With hundreds of affordable units already delivered and more on the horizon, the company stands as a regional leader ensuring that housing in Hampton Roads remains accessible, stable, and resilient.
About HRCNN
The Hampton Roads Construction News Network (HRCNN) delivers timely, accurate, and in-depth coverage of construction, zoning, infrastructure, and housing across Virginia. By spotlighting the builders and policymakers shaping our communities, HRCNN serves as a trusted resource for industry professionals and the public alike.