$89M Financing Package Paves Way for Retail Project

WASHINGTON, DC-Development of DC USA, a 500,000-sf shopping complex, has taken a big leap forward with today’s scheduled closing of an $89-million construction financing deal. Citicorp is providing the construction loan to project developers Grid Properties and Gotham Organization; the Development Corp. of Columbia Heights is also part of the team behind the endeavor.

The retail site will be anchored by a 173,000-sf Target store and will carry a total development price tag of about $140 million. DC USA will occupy about five acres on 14th Street NW near Park Road in the Columbia Heights neighborhood, which was tapped by the city for revitalization a few years ago.

In addition to Target, the three-story Bower Lewis Thrower Architects-designed center will be home to Best Buy, Bed Bath & Beyond and Washington Sports Club, to name a few, leaving only about 50,000 sf available. Newmark Knight Frank is handling the leasing responsibilities.