The hard development costs for the first phase--a 90,000-sf office component--is $30 million, Marisa Gaither, the NCRC's director of real estate transactions, tells GlobeSt.com. The second phase planning is still under way, but it's tentatively being mapped out for underground parking, about 300 residential units and a 10,000-sf kindergarten-grade school. There will be 200,000 sf of residential housing, of which 20% of the units will be affordable housing. NCRC expects to close on the second phase in March 2007.
The office portion of the project is a build to suit for a single user--a large association that has signed a prelease, according to Gaither. The project is being developed by MQW LLC, a joint-venture of Mount Carmel Baptist Church, Quadrangle Development and the Wilkes Co., all based in Washington, DC.
Quadrangle and Wilkes are developing more than one million sf in the Mount Vernon area. "The Mount Vernon Place Church Square was a key piece in bringing together this development," Gaither says.
Church Square, an infill project carved out of a piece of Interstate 395's infrastructure, sits on top of and adjacent to the highway. "It required substantial coordination among the various agencies and highway authorities involved," Gaither says.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
