Ellis Development Group will reportedly break ground on both of its Shaw projects in the same week in August; the Howard Theater and the newly-dubbed Renaissance Project, the quiescent project formerly known as Broadcast Center One. The developer, along with partners Jarvis Company, LLC and Four Points, faced a major setback earlier this year when Radio One decided not to relocate to the area (hence the new name). But the District stepped in and enticed the United Negro College Fund (UNCF) to fill a large portion of the mixed use project, purchasing an office condominium and ensuring its place in the community for years in the future. Just this week the team received news that the District Council approved $3.6 million for the UNCF, guaranteeing their relocation to Shaw at the northeast intersection of 7th and S Streets, NW, above the Shaw Metro.
The subsidy will come through real estate tax abatement over 10 years, starting in fiscal year 2012, and relocation assistance through a grant of $710,000.
With the loss of Radio One, the developers slimmed down the project to include 94,000 s.f. of office space with anywhere from 180 to 200 residential rental units. The change drops 25,000 s.f. of retail space and reduces the amount of office space by about 10,000 s.f.
Alexander Padro, the Executive Director of Shaw Main Streets, said the project should deliver in phases, office space first. UNCF is expected to occupy in May 2012. Total project costs are estimated at $144 million.
Washington, DC real estate development news