Three years after signing a funding deal with the city, one and a half years after applying for federal funding, not to mention several intervening official groundbreakings, the CityMarket at O will begin actual construction on Friday.
Roadside Development and city officials will gather Friday at 10am for photographs and speeches but, for the first time, also to watch the machinery "eat a big chunk of the Giant," says a spokesman for Roadside.
Federal officials announced on October 11th that it had granted Roadside $128m for development of the market that will include a 182-key Cambria Suites hotel, 150 condominiums and 635 apartments, 84 set aside as affordable senior housing, as well as restoration of the O Street Market, one of the 5 original brick markets built in Washington D.C. Roadside officials say the project will generate 2400 jobs directly.
Friday's construction triggers the 2-year time frame promised to Giant, giving Roadside until November 18, 2013, to reopen the supermarket. Richard Lake of Roadside said the $128 HUD loan closed on Thursday. The remainder of the financing is provided by a $32m TIF funding from the city and $40m from Equity raised by Roadside.
Contractors will first demolish the Giant, then spend 6 months excavating. The new supermarket will be the first piece to reopen, followed quickly by 400 apartments and the hotel. Roadside does not yet have funding for the second portion of the work - the condos and senior center - said Roadside's Lake, but hope that financing will allow construction of that phase to begin shortly and deliver concurrently.
Washington D.C. real estate development news