(Washington, DC) – Mayor Adrian M. Fenty on Thursday announced several important economic development project milestones – including Donatelli Development’s topping out of Park Place – that are driving the transformation of the Georgia Avenue corridor into a series of great retail-anchored neighborhoods.

“There is a new sense of vitality on Georgia Avenue,” Mayor Fenty said. “Donatelli’s been a leader in rebuilding Columbia Heights and the U Street corridor, and they are doing it again here on Georgia Avenue. Donatelli’s projects, on several other District-led initiatives represent more than $145 million in new investment along this corridor.”

Park Place includes 161 residential units, town homes and community-serving retail located directly above the Georgia Avenue/Petworth Metrorail Station. The project, which was awarded to Donatelli Development and Gragg & Assoc by the Office of the Deputy Mayor for Planning and Economic Development through a competitive process in 2004, is a joint-venture with Canyon Capital Realty Advisors and Earvin “Magic” Johnson. Twenty percent of the residential units will be made available at affordable rates. The project also includes 16,000 square feet of retail space and 187 underground parking spaces. It is expected to be complete next year.

Mayor Fenty also announced on Thursday that the DC Superior Court recently awarded clear title to the District for 3912 Georgia Avenue, a property the District will transfer to the Jair Lynch Cos. to build the $35.6 million Georgia Commons, a 130-unit apartment building that will make 40 percent of its units available for affordable housing and include 24,000 square feet of new, street-level retail.

In several weeks, Donatelli will break ground on 3801 Georgia Avenue, 49 market-rate units across the street from Park Place. The District recently issued a solicitation for development partners for two storefront properties and a vacant lot on the same block. Potential bidders have until July 11, 2008 to respond.

The District also recently made available $10 million in neighborhood-based tax increment financing to encourage other retail projects in the Petworth section of Georgia Avenue. The District’s Great Streets program is working with property owners along the corridor to make façade improvements to storefronts – including a property on the 3600 block – while the District Department of Transportation is delivering more than $20 million worth of streetscape improvements to Georgia Avenue.