WASHINGTON, DC—City Market at O is now 98% leased, according to Roadside Development. The 407 units in the project's first phase have leased up a year ahead of schedule, achieving stabilization in less than 13 months. At 31 units per month, it is among the fastest lease up rates for a multifamily property in the DC area, Roadside Development claims.

There were indications the project would be popular with residences. It was 20% pre-leased before the first building opened for occupancy at the end of 2013. Now a line is forming of potential tenants for the third tower, which will begin construction this spring.

The project's appeal lies in its design, amenities, convenience and location, says Richard Lake, founding partner of Roadside Development, LLC, in a prepared statement.

"City Market has one of the highest walk scores in DC (93), is easily walkable to 14th St, downtown and the Metro and is home to the largest grocer in the city as well as several restaurants," he says.

"This is compelling to young professionals and older residents alike, including many long-term residents of Shaw." Indeed, The Hodge, a nearby affordable senior building, was 95% leased before it opened.

CityMarket at O is one of 14 infrastructure projects around the country selected by the Obama administration to be expedited through the permitting and environmental review process.

It will consist of 640 residential units, 90 of which are set aside for seniors which will also be affordable, 550 market-rate apartments. The project also restored the historic 1881 O Street Market Building to house a flagship 78,000-square-foot Giant Food supermarket.

Instant Insights /

City Market at O Leases Up A Year Ahead of Schedule

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