(Washington, DC) - Through the Office of the Deputy Mayor for Planning and Economic Development, the District today closed a financing deal that will mean development at the Rhode Island Avenue/Brentwood Metro station can move forward.
The planned mixed-use development will transform an 8.5 acre surface parking lot into 274 rental apartments above 70,000 square feet of retail in two buildings. The residential component includes 54 (or 20 percent) affordable housing units at 60 percent area median income. The project will also include a community center, two private parking garages for the residents and a 215-car WMATA garage. The development team is a partnership of Urban Atlantic and A&R Development Corp.
“Additional retail, community amenities, improved streetscape and overall revitalization are especially important at our transit-oriented locations,” said Deputy Mayor Valerie-Joy Santos. “We are pleased to help move this project forward.”
Located in the heart of the District’s newest Great Streets Corridor, this Rhode Island Avenue Northeast project serves as an important anchor for the ambitious Great Streets program. Total development cost is approximately $108 million. The District is providing financing through a $7.2 million PILOT note. Additional project financing includes Federal New Market Tax Credits and a traditional HUD-backed loan. This project is the nation’s first to combine HUD Financing with New Market Tax Credits.
The development team is also closing today on a ground lease for the site with WMATA.
Expected groundbreaking is May 2010.