|View looking south from 4th Street|
The proposed building is a joint venture between HSCDC and E&G Group. The new $37 million development will create about 160,000 s.f. of mixed-use space, designed by Bonstra | Haresign Architects and built by Maggin Construction Company.
Plans call for between 155 affordable residential units on the five floors above the first-floor podium. Ground level space is reserved for 3,000 s.f. of retail, various tenant facilities and 40 parking spaces.
Kenton Drury, the project manager from E&G Group, said residential units will vary in size with 5 studio, 85 one-bedroom, and 65 two-bedroom units.
Tenants must be at or below 60 percent of the local Area Median Income (or about $40,000 for an individual). Rent for someone at 60 percent AMI is about $1,000 for a studio.
"We see young professionals wanting to live here because it’s an up-and-coming vibrant neighborhood close to metro and close to areas of employment," Drury said. The target tenant is a young professional entering the workforce or an "empty nester" who is retired or working part-time.
|View looking north from 4th Street|
Drury said he told local business owners interested in providing construction services to get their Certified Business Enterprise (CBE) Certification because some work will be designated for CBEs. And residents with retail or service-oriented businesses could open up shop in the retail space on site.
Whatever the final development looks like, it will be a welcomed change from the so-called "Heroin Hotel" that used to stand on the lot. HSCDC demolished the three vacant buildings that had become a hotbed of criminal activity, but the community must wait longer for construction.
After the ANC meeting tonight, the next big step will be a Board of Zoning Adjustment (BZA) meeting tentatively scheduled for June. Developers will ask for a variance on the loading dock height and parking space requirement. Drury said the only way to keep the 6-story building within the height limits is to reduce the loading dock height. And the triangular lot -- plus debris from the former buildings -- make it difficult to provide more parking spaces.
Drury said he hopes to have funding lined up this summer to move forward with working drawings and permit applications by the end of the year, and he hopes to break ground in early 2013.
Washington, D.C., real estate development news