Tuesday, March 02, 2010

Manna Begins Columbia Heights Condo Project

Non-profit Manna, Inc has just gotten underway in its efforts to bring 15 new condominiums to Clifton Street in Columbia Heights, removing one of the few remaining empty lots in the area. Though construction has just begun, the non-profit already has most of the units under contract. Manna - the developer, architect, contractor and even financier - obtained the lot under the now-defunct DC Homestead Program, which helped non-profits get District land for low-income development projects. Construction on the Cardozo Court Condominium, at 1343 Clifton, began last October and is expected to complete by early next year. Cardozo is one of four Manna condominium projects set to deliver over the course of the next year.

Cardozo Court will offer its homes from $175,000 to $260,000, available to purchasers earning at or below 80% of Area Median Income. Manna has begun signing contracts on the units, with nine already claimed.

The total development costs are estimated at $3.4 million and financing is being provided by Local Initiatives Support Corporation, BB&T, Department of Housing and Community Development. Since its founding in 1982, Manna has developed and sold over 1,000 units in the District.

Washington DC real estate development news



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