WASHINGTON, DC-Jefferson Apartment Group is moving forward with plans to redevelop Kelsey Garden Apartments, a property located two blocks from the Mount Vernon Square/Convention Center metro station. The company has purchased it for an undisclosed amount with plans to build a high-rise building with first floor retail and underground parking, Andrew McAllister of MAC Realty tells GlobeSt.com. MAC represented the seller in the transaction, Metropolitan Development LLC.
The mixed-use project, to be called Jefferson Square, is within walking distance of the U Street Corridor, and other popular Washington neighborhoods, he points out. “There is huge demand for living space in these urban neighborhoods now,” McAllister says. “I don’t have as much clarity as to the demand for residential space in suburban locations that are not transit-oriented, but there is clear growth in these urban neighborhoods.”
Jefferson Square will be a 281-unit building. There are currently 54 affordable units, which will be replaced with 54 affordable units in the new building, McAllister says. The remainder will be available at market rates.
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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.
