(Read more on the multifamily market.)
WASHINGTON, DC-The District has selected three companies todevelop a $32-million affordable housing mixed-use project in theShaw neighborhood here: Metamorphosis Development Group, MetroPartners and Sunrise Development Corp. The three won the mandate topartner with the city to build out so-called parcel 42, a plot ofDistrict-owned land on the corner of Seventh Street and RhodeIsland Avenue.
The developers' proposal calls for 112 apartments to be rentedto residents earning less than 60% of the Area's Medium Income, or$90,000 for a family of four. The project will also include 8,000sf of retail space, 64 underground parking spaces and a 4,800-sfcommunity facility.
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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.
