Paradigm Development Co. of Arlington, VA is developing the project. The 345-bed building will house 1,200 students per year. The housing facility will be located on the northeast corner of Third and K Streets, NE, formerly used as a taxicab parking lot. The project pushes NoMa closer to its goal of becoming a work-live-play destination, NoMa BID director Liz Price says in a prepared statement.
This project is one of a handful that entered the development pipeline in the city after the credit crisis and recession had become fully apparent. Other projects are either further along--such as Third Street from Union Place, a residential complex under development by Cohen Cos. that is located across the street from the future TWC housing facility--or have delivered, but remain empty. The project at 77 K St., NE, for example, a NoMa office building that delivered last summer is still largely vacant.
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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.
