Urban Atlantic and A&R Development Corp. are the developers for theproject, which also includes a community center, two private parkinggarages and a 215-car WMATA garage. Besides the $7.2 million PILOTnote, additional project financing will come from Federal New MarketTax Credits and a HUD-backed loan. It is the first deal to combine HUD financing with New Market Tax Credits, according to the Office of the Deputy Mayor for Planning and Economic Development, headed byValerie-Joy Santos.
The project also serves as anchor to the city's Great Streets program. The District unveiled details about this program in 2006; four years later it is still a work in progress. It is aimed at redeveloping underinvested DC parcels in corridors in such neighborhoods as Bellevue, Deanwood and Shepherd Park that are publicly or quasi-publicly owned. These include 7th Street/GeorgiaAvenue NW (Mount Vernon Square to Eastern Avenue); H Street NE (NorthCapitol Street to 17th Street NE); Benning Road NE (Bladensburg Roadto Southern Avenue) and parts of Martin Luther King Jr. Avenue SE.
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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.
