The newest development project from Archstone officially celebrated its ground breaking today at the corner of First and M Streets, NE. NoMa's newest residences will be one of several developments that will quickly usher in a wave of residents to the area, with an influx of even more retail and restaurants likely to arrive in their wake.
The architects at Davis Carter Scott worked hard to design a building that wasn't a boring, monolithic void in the landscape. They didn't want a big plain square box; they wanted a building that was interesting and progressive. The varying shapes, colors, rhythms, and articulations of different subsections of the building help to develop a more complex and textured aesthetic. The use of horizontal masonry and large glass columns to accent the corners of the building is intended to keep the eyes of residents and bystanders busy and intrigued, drawing onlookers to stop, stare, and appreciate. The developers are pleased that the quality of the exterior design is on par with the impressive comforts being offered inside.
CWCapital, a subsidiary of CW Financial Services, will provide the the $151 million, 40 year, fully amortized loan through their FHA structuring. In March, Archstone announced they would be breaking ground in April, but a hiccup in financing left the site empty a little longer than intended. This is the largest finance packages ever insured through the HUD Section 220 program, and will help Archstone generate local employment and involve local businesses in the project. Archstone is confident that they will deliver the residential space needed to house the flood of employees that have followed the recent commercial real estate in the area. Construction will be finished within 30 months, and the first rentals could be available as early as the summer of 2012.
Washington Real Estate Development News