The project calls for the adaptive reuse of nine historicbuildings, the development of 300 units of affordable housing andtransitional housing for military veterans as well as market-raterental and condominium units, medical office space, a hotel andretail space. When fully built out, the project will take up 4.5million sf, or 77 acres, of the AFRH's Washington campus, whichwill still operate as a retirement home for US veterans.
The project will be bordered by North Capitol and Irvingstreets. Catholic University of America, Howard University and theWashington Hospital Center are nearby facilities.
"It is a significant project for the agency – once it iscomplete it is meant to generate an income stream that will meetthe capital needs of the remaining retirement home," Zeiller says.According to the AFRH, its capital needs total more than $366million over the next ten years.
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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.
