In this second phase, the development team will build 313 new housing units, 30% of which will be affordable. Of the affordable 93 units, 59 will serve as replacement housing for residents of the former Temple Courts housing complex that was demolished last year.
The development team is expected to break ground at the site, which sits between M Street and Patterson St. in NoMA, in mid-2010. The project is expected to deliver in 2012.
Financing for the project will be a mix of subsidy, proceeds from an upcoming bond sale for New Communities as well as the land value, District spokesman Sean Madigan tells GlobeSt.com. The District "is still negotiating what the final amount of the bond sale will be; we'll have a better idea of that in the next six months." A ballpark estimate, though, he says, is $10 million.
The Northwest One New Community project will ultimately include new retail, community services, and 1,600 new units of housing. The 100,000-square-foot, K-8 Walker Jones school was the first new school construction project completed by the Fenty Administration and the District's first combined school, recreation and library facility.
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