It's easy to get excited by the mere promise of progress these days; excitement, however, is still no substitute for financing. In March, Archstone announced they would be breaking ground in April on its residential project at 1st and M Streets, NE in NoMa, a project that will fill out First Street as one of the latest empty parcels on that strip, along with Constitution Square which is just completing across the street. But as June slips away, the parking lot remains, sans construction. Senior Vice President Rob Seldin of Archstone now aims to break ground in July, financing depending.
Seldin said he hopes to have a "firm loan closing and start date" in the next few weeks. Archstone's 469 rental residential units will replace a surface parking as the first of two phases; the total project will bring 1.5 million s.f.: 500,000 of which will be in the Davis Carter Scott- designed residential building (with a nugget of ground floor retail at the corner of M and First). A parking garage will provide 421 spots on three levels below grade. The new building will increase residential space in NoMa by over 50 percent. Phase 2 is also planned as a residential building. Forrester Construction is the general contractor for the project.
Washington, DC real estate development news