AvalonBay, a Ballston based corporation that as been augmenting its apartment portfolio throughout the greater Washington DC area, is under contract to purchase and develop nearly a full block just off the H Street corridor. Jonathan B. Cox, Senior Vice President of Development of AvalonBay, confirms that 318 I Street, NE, is currently under contract with the plan of building 140 rental apartments, with ambitions to break ground by the year's end. The site is just one block north of the spot where Steuart Investment Co. has announced plans to build a Giant grocery store and 215 apartments.
Although the size is modest, paired with Steuart's building the added density could help develop viable retail for H Street's western end, which has been stagnant compared to the Atlast District at the opposite end. "We really like the H Street Market," said Cox. "We are investing in it because we think its unique enough to separate from NoMa." The space will only house residential space. "We don't believe retail is viable in this location on I Street," said Cox.
The developer has chosen an architect but remains mum about the plans for now. What we do know: "It's not a typical D.C. architect," said Cox. "I think it'll be more contemporary and a more unique architectural style than what's now on the market." AvalonBay has also been buying and building, including the Avalon Park Crest, a 354-unit building planned for Tysons with construction to start later this year.
318 I Street NE, which AvalonBay will acquire by a lender sale, had been owned by Broadway Development, but had gone into foreclosure in 2009, around the same time Broadway lost Senate Square next door. The lender acquired the property in July of 2009 for $1.69 million. The space currently houses the vacant site of Uptown Baker, eight underground gasoline storage tanks were removed from the property in 2005.
Washington, D.C. real estate development news