An affordable housing development backed by NBA legend and Newport News, Virginia, native Allen Iverson is moving ahead after winning renewed approval from city leaders.
Community on His Mind
On Dec. 10, the Newport News City Council approved a rezoning request that clears the way for Iverson Landing, a 120-unit affordable apartment complex planned for the Denbigh community near Old Fort Eustis Boulevard. The vote reverses an earlier decision this year when the council rejected the proposal following concerns from nearby residents about traffic congestion and neighborhood impact, WTKR reports.
The project, a partnership between Iverson and developer Alvin Keels Jr. of A4 Development Group, is designed to provide affordable housing for working families across the Hampton Roads region. City officials have framed the development as part of a broader push to expand housing access. Newport News Mayor Phillip Jones has set a long-term goal of creating 21,000 affordable housing units by 2050.
Community opposition centered largely on traffic near Fort Eustis, especially during peak commuting hours. Some residents complain the project will create traffic jams during morning rush hours.
Developers responded by revising the plan to include road improvements. The street leading to the complex will be widened, and a new turn lane will be added on Fort Eustis Boulevard to ease congestion. Keels also stressed that the project will be rezoned as medium-density housing, countering fears of an overly dense development.
“I want everyone to hear that we are committed to developing a very nice project,” Keels said. “If approved, we’re definitely going to hold up our end of the bargain and we look forward to bringing something nice to Newport News.”
Iverson, a Naismith Memorial Basketball Hall of Famer who grew up in the city, has long spoken about investing back into his hometown. There is no confirmation on how much Ivrson has contributed to the project.
I grew up here in Newport News, the city that helped shape me into who I am today. I know what it means to struggle for every opportunity, and to dream for a better future,” Iverson said, according to WAVY 10. “Being able to invest in the place that gave so much to me is quite an honor. Iverson Landing is an opportunity to create something positive for local families, a place where people can feel secure, build their futures and develop pride in where they live. This is my way of saying thank you for all the doors that were opened for me, to now be able to open doors for others.”
The former NBA MVP earned $154,770,668 during his playing career and has since become a tech investor and vice president of Reebok Basketball. Iverson currently has an estimated net worth of $1 million, a dramatic turnaround after previously admitting he blew more than $200 million on cars and parties before rebuilding his finances through brand partnerships, including his role with Shaquille O’Neal’s $2.5 billion Reebok-backed venture.
Construction on Iverson Landing is expected to be finalized within 18 to 24 months.
