Yesterday, developers broke ground on the first residential project Northwest One New Community at 2 M Street, NE, a 12-story, 314-unit residential building in NoMa. Led by developer William C. Smith + Co. along with The Warrenton Group, opening of the $92 million building is expected in late 2013.Nearly a third of the units will be designated for low-income tenants, with 59 units set aside for former the Temple Court residents (30% of AMI), demolished to make way for this project, and 34 units available for those making 60% of AMI, with retail on the first floor.
There will be 4,100 s.f. of ground floor retail and an 8,000 s.f. courtyard above two levels of underground parking, offering between 184 and 192 spots. The 290,000 s.f. building will be concrete, "clad with masonry, decorative metals and soaring full height windows," according to WCS. 2 M Street is estimated to be taking $82 million of the total $700 million needed for NW1, which includes in all: 1,600 units of mixed-income housing, and 220,000 s.f. of commercial/retail space.
NW1 is one of five projects being realized by the New Communities Initiative, a public-private partnership to develop areas that exhibit "high rates of poverty and unemployment, as well as blight and deterioration of the housing stock." The other four projects are Barry Farm (Ward 8), Lincoln Heights (Ward 7), Richardson Dwellings (Ward 7), and Park Morton (Ward 1). WCS Construction is building the residence.
Washington D.C. real estate development news
11 comments:
I'm sure those paying market rate will lie the idea of having 59 untils for those making <30% AMI from the former projects. Do the realtors just hope these folks don't know this?
forgive my AMAZINGLY poor typing in the post above!
Gotta agree with the above. I mean, I know you have to keep a portion for low income, and its a damn sight better than the current monstrosity, but how do they really expect people to pay top dollar given this information, Ive been wondering about this from the beginning. Someone, do tell how they plan on spinning this?
Agreed here. It'll be a cold day in hell before I rent a unit in this building.
What douchebags you all are. The fact is that these residents were in DC decades before any of you tools and deserve the right to be there, even if it's in a multi-million glitzy glam building. Your hatred should be directed to the developer who gets millions more in subsidies than any of these families combined ever will. But, I guess having poor black folks in your courtyards is a scary thought. Douchebags.
I don't believe there should be any hatred here. Developers who take those subsidies have to play by the attached requirements. In this case that means reserving a third of the building for low income tenants. As for the resistance to living with 30% AMI neighbors - If you think there is no difference between the hard working middle class who can afford these apartments and the welfare recipients who will be eligible for the other units, you must be naive.
Sorry 9:22, your sense of entitlement is undeserved. No one "deserves" to live somewhere because they want to. If you buy, you get to stay as long as you want, if you don't own it, the owner gets to make the ultimate decision. Just because the gov has been footing the bill for them to live there in the past gives them no right to continue to live there for almost nothing and require the rest of us to continue to pay for them. They do have the right to live anywhere they want, that they can pay for. Get your victimized head out of your ass.
Eric, couldn't agree more. There is a mentality in DC that people 'deserve' what they want. And they are the first people to throw race into the discussion. Race... the last refuge for anyone who doesn't have a logical point.
this is great news. the neighborhood is sorely needing new life. this has been a dead and decrepit corner for too long.
To bring some facts into the discussion, these types of mixed-income projects have been successfully developed in DC at the former Ellen Wilson Dwellings, and in other cities such as Atlanta, Pittsburgh and Minneapolis. The key to a successful project is having experienced, proactive building management, who deal promptly with any problem tenants, regardless of the tenants' income. The William C. Smith Company has a sterling reputation in that regard. In addition, this project is extremely amenity-rich, and in a very convenient location; I imagine that there will be no shortage of folks who will want to rent here. And, by the way, re: the comment implying "millions" of dollars in personal profit were being showered on the developer, the subsidy was based on a calculation of the gap between what they could have received in revenue from an all-market rate building versus one with a percentage of affordable units. Last time I checked, no one is developing buildings, or getting them financed, if the project is designed to lose money from the getgo.
ellen,
this is nothing like the ellen wilson project. this is more akin to the saint martins project in eckington.
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