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WASHINGTON, DC-The Washington Center for Internships and Academic Seminars plans to begin construction of a 140,000-square-foot, 95-unit housing facility in the NoMa neighborhood. The $38-million project will provide housing for college students that participate in its internship program. Paradigm Development Co. of Arlington, VA, will be developing the project.

The 345-bed building is expected to house some 1,200 students per year. It will be located on the northeast corner of Third and K streets, NE–a 29,000-square-foot land parcel the Washington Center recently acquired that was formerly used as a taxicab parking lot.

This is the third residential project to break ground in NoMa, according to Elizabeth Price, president of the NoMa Business Improvement District–a plus for the submarket that would like to see a work-live-play neighborhood develop over time.

Besides the boon NoMA is receiving from the project, Washington Center’s decision is an anecdotal piece of evidence that the area may be on the cusp of experiencing an uptick in construction. At least two fund managers that have previously concentrated on acquisitions have told GlobeSt.com in recent weeks that they are investigating new construction possibilities in the DC-area because construction prices are finally in line with their expectations. The hitch, of course, will be obtaining construction financing, they say.

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