WASHINGTON, DC-MRP Residential will be developing 965 Florida Ave., NW, with The JBG Cos. in a partnership they are forming. MRP and Ellis Development Group were awarded the rights by the DC government to develop the site, located in the District's Shaw neighborhood, last summer. JBG Cos. is providing development capital for the project.
The mixed-use property, called The Griffith, will be approximately 370,000 square feet, including 50,000 square feet of ground-floor retail. Among the requirements of the project is a W Street connection and full-service grocery store.
The ground floor retail will also feature Griffith Market, an indoor farmers' market. The project gets its name from the Griffith Stadium, which was located between Georgia Ave. and 5th St. between 1911 and 1965.
MRP Realty and Ellis Development used Fundrise, a crowdfunding platform, to help finance the project. Some $974,100 was raised from 661 investors. According to Fundrise's website, the project promises an 8% to 10% annual ROI.
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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.
