The 345-bed building is expected to house some 1,200 students per year. It will be located on the northeast corner of Third and K streets, NE--a 29,000-square-foot land parcel the Washington Center recently acquired that was formerly used as a taxicab parking lot.
This is the third residential project to break ground in NoMa, according to Elizabeth Price, president of the NoMa Business Improvement District--a plus for the submarket that would like to see a work-live-play neighborhood develop over time.
Besides the boon NoMA is receiving from the project, Washington Center's decision is an anecdotal piece of evidence that the area may be on the cusp of experiencing an uptick in construction. At least two fund managers that have previously concentrated on acquisitions have told GlobeSt.com in recent weeks that they are investigating new construction possibilities in the DC-area because construction prices are finally in line with their expectations. The hitch, of course, will be obtaining construction financing, they say.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
