Urban Atlantic and A&R Development Corp. are the developersfor theproject, which also includes a community center, two privateparkinggarages and a 215-car WMATA garage. Besides the $7.2 millionPILOTnote, additional project financing will come from Federal NewMarketTax Credits and a HUD-backed loan. It is the first deal tocombine HUD financing with New Market Tax Credits, according to theOffice of the Deputy Mayor for Planning and Economic Development,headed byValerie-Joy Santos.
The project also serves as anchor to the city's Great Streetsprogram. The District unveiled details aboutthis program in 2006; four years later it is still a work inprogress. It is aimed at redeveloping underinvested DC parcels incorridors in such neighborhoods as Bellevue, Deanwood and ShepherdPark that are publicly or quasi-publicly owned. These include 7thStreet/GeorgiaAvenue NW (Mount Vernon Square to Eastern Avenue); HStreet NE (NorthCapitol Street to 17th Street NE); Benning Road NE(Bladensburg Roadto Southern Avenue) and parts of Martin LutherKing 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.
