Clark Realty Capital broke ground on the first phase of Arboretum Place. Amidst the late morning downpour, developers plunged shovels into the muddied earth at at 1600 Maryland Avenue, NE, signifying the start to the first phase of construction, set to yield 257 "high-end apartments." The initial phase has been dubbed "The Flats at Atlas District," and developers expect the residences along with 5,000 s.f. of ground-floor retail to deliver in two years time. Originally expected to initiate construction back in 2009, the market downturn put a significant dent in developer's optimism. But HUD's 221(d) financing program and now Wednesday's ceremony has brought some relief to those who've worked on the project. "We are thrilled to have finally broken ground on The Flats and become part of the exciting Atlas District community," said Project Manager Tracey Thomm at the groundbreaking, explaining that "Without the involvement of HUD, none of this would have been possible."
The proposed multifamily luxury apartment community that will eventually total some 674,757 s.f. and 430 units, is located on a ray of the newly improved "Starburst" intersection (still way less delightful than an actual Starburst), directly across the street from Hechinger Mall; some apartments will have views of the Capitol. According to the developer, the long-awaited complex will bring "high-quality housing to an area that has not benefited from new residential development in many years." In addition to the growing number of retail options in the Atlas District, future residents will plenty of amenities right outside their door - a pool, a business center, a gym, indoor half basketball court, entertainment space, and landscaped gardens complete with fireplace and "meditation courtyard" are all in the works.
Preston Partnership brained the architectural aesthetic that fuses sharp angles and a modern facade of dark red brick, cement, and large glassy bays, conveying both a sense of sophistication and an industrial-tinged simplicity. The interiors are equally classy, the renderings of the common spaces inviting the eye to superimpose an image of a lady-wooing 007 onto the leather ottomans. Another Clark subsidiary - Clark Builders Group is charged with making the architectural drawings a reality, and will begin work just in time for the winter months.
Washington D.C. Real Estate Development News