WASHINGTON, DC-Camden Property Trust broke ground on its first development in the District, a $90 million 276-unit multifamily project in the Baseball District. The project, called Camden South Capitol, will be the first residential project in this submarket to launch in a number of years. The architect is DC-based WDG Architecture and general contractor is Donohoe Construction.
The 11-story building will be located at 1345 South Capitol St., close to the stadium and Navy Yards metro station. The first units will deliver in summer 2013.
The company is also prepping for another project this summer, Mark J. Bucci, the company’s VP of construction tells GlobeSt.com. A 14-story, 321-unit apartment building in NoMa, whose development costs will push $100 million. That project is in the permitting stage right now, he says.
In general, according to Bucci, the multifamily sector is undersupplied in the District--even if it doesn’t feel that way now, and despite the various projects underway. The pipeline has been dry for a long period, he says, which will become more apparent in the next year. “I think we are hitting the good spot of the demand side,” with these projects, he says.
A third project on which the company is working is the addition of 187 units in a second phase development of a project in Landover, MD. Its development costs are roughly $45 million, Bucci says.
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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.
