WASHINGTON, DC—Community Three Development has topped out its 22-unit condo building under development at 435 R St., NW. The project, called Centrie, is scheduled to deliver in May 2014. When it does, it will be the first new condo development of its size in this submarket for more than ten years, the developer says.

Urban Pace plans to begin pre-selling the units shortly, with prices beginning in the $300,000's. The developer makes no bones about who the expected residents will be: young hipsters eager to live in the center of everything.

"The name Centrie developed to represent the spirit of the place, not just because it's practically at the center of everything, with direct access to Washington's hippest neighborhoods, but also because 'centrie' is an urban term referring to something original, cool, poetic, inspiring, intelligent, sincere, unique, and classy-just like the people who will live here," says Grant Epstein, president of Community Three in a prepared statement.

The developer acquired the site in 2012. A one-story vacant building once housing a dry cleaning operation, called the site home. Community Three completed an environmental remediation program before it began demolition, a program that included cleaning the soil, improving storm water filtration, lowering overall levels of airborne chlorofluorocarbons, and removing groundwater impurities from the site and surrounding areas.

Of the 22 residences, 13 will have private outdoor terraces. They will also feature floor-to-ceiling windows and other high-end touches as well as private parking and bicycle storage.