(To read more on the multifamily market, click here.)
WASHINGTON, DC-Locally based Level 2 Development LLC, along with its joint venture partner Centrum Properties, is behind View 14. The development will center on 170 upscale condominium residences located near the U Street Metro Station. The development will cost an estimated $80 million to realize.
Located on the site of the former Petrovich Auto Repair Shop on the 2400 block of 14th Street NW, View 14 will sit across the street from its sister project, which will feature 225 high-end residential condominium units. Upon completion, the nine-story View 14 will also feature 35,000 sf of ground-level and below-grade retail space, including a 21,000-sf fitness facility. The property will also offer parking accommodations or residents and customers.
Level 2 sees continued growth in the area's condo market. "We don't have reservations about the in-town, Metro accessible condominium market," Level 2 principal Jeff Blum tells GlobeSt.com.
"We feel very bullish about the long-term prospects." And it's not just the numbers on paper that have Level 2 convinced. "We have seen very strong pre-sales on other new projects," says David Franco, Level 2 principal.
The architectural firm of SK&I has been tapped to design View 14 and Clark Residential will serve as the general contractor on the project. Construction is scheduled to get under way in the fourth quarter of this year with units reaching completion in the fourth quarter of 2008. "Our office is in the neighborhood," Blum adds, "so we know people want to live here."
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