KSI Services served as the developer and Bank of America provided $10.5 million in financing for the construction of Woodmont Crossing, which sits on an eight-acre plot on Good Hope Court.

"The most interesting aspect of this project is that it brings a whole new housing choice for folks who live east of the River," Bank of America vice president for community development banking Alex Viorst tells GlobeSt.com. "It's a product type you'd usually find in the suburbs, not in the inner city. But at the same time, it's affordable."

Viorst adds that the development will also go a long way in enhancing economic diversity in the area. Those who experience improvement in their financial situations and desire higher-grade housing within the neighborhood now have "a top drawer housing choice," he says.