Wednesday, December 08, 2010

14W Breaks Ground

Nearly two weeks ago, Perseus remained mum on the status of the much anticipated Anthony Bowen YMCA redevelopment project at the intersection of 14th and W Streets in northwest Washington, promising only that they'd be ready to reveal "something" shortly. But before Perseus could say anything, let alone something, Jefferson Apartment Groups (JAG), an Akridge affiliate, revealed they had purchased the project from a Perseus entity for $7.5 million, and would join Perseus as partnering developer (talk about awkward) on the project. The sudden announcement signaled that the project, thought by many to be strapped for cash and indefinitely stalled, was and is back on track. And now today, more than two years after a faux-groundbreaking, developers will once again put a shovel in the ground; this time they really, really, actually, totally, seriously swear to start demolition and new construction.

Apparently, equity financing from Rockpoint Group, L.L.C. and a $53 million construction loan from Wells Fargo Bank was just what the doctor ordered. Upon completion, the HOK and Dorsky Hodgson & Partners-designed project will feature 231 rental apartments, a brand new, state-of-the-art 44,000 s.f. YMCA, and over 10,000 s.f. of ground-floor retail. The new gym and first apartments will deliver in the summer of 2012, with the project opening in its entirety later in the fall.

Washington D.C. Real Estate Development News


Ace in DC said...

Beautiful. So excited about this.

Ace in DC said...

Actually, I know this is nitpicky, but the rendering shows the building spanning the whole W St block, from 14th st up to the cable/telephone building along 13th St, But the map outline stops short of 2 parking lots that are along W St - which is correct? I just ask because I hope these dirty pits get swallowed by the development and not left to just collect garbage and graffiti. Thanks!

conveyancing Adelaide on Dec 9, 2010, 3:49:00 AM said...

Very observant Ace, thanks for pointing that out. I do think that the map outline is the correct one though since it was most likely derived from the blueprint.

- John Wake

Anonymous said...

Great news!!!! More projects to replace the filth and hideousness left over from the Illegal migration and take over of the 14th ST corridor. Regentrification is the BOMB!!!!

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