WASHINGTON, DC-Federal Capital Partners is launching its second co-development project in the area, with the land purchase for Takoma Central, a $36 million mixed-use project with 156 rental units in the Takoma Park neighborhood of Washington, DC. Costs for the land acquisition, which is happening in two phases, is included in that total, FCP vice president of residential development Wade Casstevens tells GlobeSt.com.
This is the second project FCP is co-developing with a partner, and the firm expects to launch additional projects this year, Casstevens says. “It won’t be our biggest business line but it will be an ongoing one. There is a certain criteria for the deals we do. What we like about Takoma and Adams Morgan [the site of FCP’s other development project] is that there is not much supply entering the market now.” Casstevens says the firm is in a study period for additional development projects now.
Last July FCP acquired a development site in Adams Morgan with plans of building approximately 40 condominiums. For its latest project, Takoma Center, FCP is working with Level 2 Development and SGA Companies, the project architect. Phase 1 construction has already begun, and Phase 2 will begin later this year. Completion is expected in the 4th quarter of 2013. The project is located
at 235 – 255 Carroll Street, NW. It will include 8,000 square feet of retail. MAC Realty Advisors, LLC represented Level 2 Development in the transaction.
Takoma Central will be one of two Class A apartment communities near the Takoma Metro, FCP says. It will also bridge the gap between the Takoma Metro station and the commercial district to the east, Jon Kardon, senior development manager at Level 2 Development noted in a statement.
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