Clark Realty Capital, which broke ground on the first phase of Arboretum Place in October of 2010, is getting close to delivering its project at 1600 Maryland Avenue, NE. The first phase of construction, "The Flats at Atlas District," will yield 257 apartments when the dust settles this summer.
Originally expected to initiate construction back in 2009, the project idled but a HUD loan put air beneath the developer's wings in a submarket that has seen little development of this kind. The project was designed by Niles Bolton, with interior design by RD Jones, with construction by Clark. Completion is expected "this summer." Initial leasing, which began last Thursday, is going well, according to Tracey Thomm of Clark Realty Capital, with "higher leasing volume than expected" on the 24 units just released. The Clark project sits on 5 acres, only 3 of which have been used for the Flats, leaving another 2 on which the developer will likely add another 200 units or so in the next phase, beginning pre-development this year. The developer notes that the Flats is the product of several years worth of design work that "respects the history of the neighborhood." Thomm says that "we made alot of changes based of community feedback that has substantially improved the design," something she hopes will be apparent to the community now that the project is open to the public.
Washington D.C. real estate development news
6 comments:
We are so excited about the execution and delivery of this project to the ANC 5B10 community.
Kudos to Tracey and her team for working with our community to create a project we are proud of!
Kathy Henderson
Last week's post on Rhode Island Row, the TOD adjacent to RI Ave Metro station in Northeast, drew a score of jeering comments, damning its paper-thin walls, cheap construction, and suburban facade designs.
This project in many ways is similar, but shows how to do it with integrity. A variety of facade treatments, but unified, providing visual interest without falsely attemping to look like separate buidings. No painfully under-detailed faux-historicist facades here, reflecting the sensible view that moderate budgets cannot create satisfactory historicism.
if kathy is happy about this, there must be some unseen tragic aspect to the project.
ugh. i wish i never saw her comment on this blog.
but hey, it's a free country, even for mildly psychotic, post menopausal females.
@ poo's neighbor,
Dont worry, its probably just some under the table kick-back. The development will be good for the neighborhood. But dirty, corrupt DC politics will continue until the entire crew is run out of town. In time, in time......
-H St Rez
I love the photos but I must request a correction. The Preston Partnership designed and is the Architect of record for the project. Not that I have anything against Niles Bolton I like a lot of their work.
I'm not quite convinced that the market will currently bear the current asking prices for these units. $1800 for a studio apartment, in the state that the neighborhood is currently in, seems very steep.
Furthermore, with the abundance of street parking in this area, I'm not sure that $150 per month per space can really be supported. However, I do feel that this completed project will be the beginning of a much larger gentrifying change in this entire neighborhood.
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