Tuesday, October 07, 2008

Project Taken to New Heights on Georgia Avenue

Neighborhood Development Company, Georgia Avenue, Petworth, Lamont Street Lofts, Washington DC real estateLike a snowball rolling downhill, the number of residential developments on Georgia Avenue is getting bigger by the minute. The latest project on the boards is The Heights at Georgia Avenue by the Neighborhood Development Company (NDC) - a 100,000 square foot mixed-use building that will feature 100% affordable housing. Besides adding 69 new apartments to the Petworth real estate market, the project at the intersection of Georgia Avenue & Lamont Street NW will also add roughlyNeighborhood Development Group, Georgia Avenue, Petworth, Lamont Street Lofts, Washington DC real estate, Petworth 10,000 square feet of retail to the mix. The developer is currently engaged in talks with a hardware retailer about the site and hopes have a sit-down restaurant in place when The Heights opens its doors in early 2011.

The Heights' all-affordable status has put it in a unique position with the District of Columbia. This week, Councilmember Jim Graham will introduce a bill before the City Council that aims to grant the project an exemption from property taxes for the next 40 years - provided it maintains an at least 50% margin of affordable housing in that time. The proposal should be voted upon sometime this fall.

NDC president Adrian G. Washington told DC Mud that ANC approval for The Heights at Georgia is forthcoming. “We’ve met with the ANC on several occasions and gotten a letter of support from the single-member district commissioner…We’re actually going tomorrow and we hope they will formally approve it.”

The Georgia Avenue site was acquired by a partnership of NDC and Mi Casa Inc. – a DC-based non-profit that specializes in restoring aging properties and converting them into affordable housing. The Heights will be their second brand-new new construction project (the first being the Rittenhouse Project in Brightwood). The building is being designed by architect Graham Parker and will come in at a cost of approximately $25 million. Construction is slated to begin in the fourth quarter of 2009.

The Heights is only one of numerous projects currently in development in the Petworth neighborhood. Up the street at 4136 Georgia, Formant Development's proposed 57-unit, 7 story condominium tower is still scheduled to go to ground in 2009. Meanwhile, Donatelli Development’s Park Place is currently under construction and their proposed project across the street at 3801 Georgia recently issued a BID to contractors. These twin projects are joined by the massive redevelopment just up the street of the Park Morton public housing complex.

UPDATE: The Heights at Georgia Avenue's final address has been confirmed as 3232 Georgia Avenue NW - across the street from the NDC's Lamont Lofts project that was completed in 2005.

Washington D.C. real estate development


Anonymous said...

Thanks for the info.

The NDC Web site is showing two projects both with an address of 4100 George Ave NW:

The Heights

By the way, it also states that The Heights is at the intersection of Lamont St NW and Georgia Ave NW which would not be 4100 Georgia Ave NW -- more like 3300 Georgia Ave I believe.

The Residences

Anonymous said...

Is Formant even in business anymore? They don't have a website and I haven't heard word one about their planned development.

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