Mount Vernon's $30M Phase I Gets Under Way

WASHINGTON, DC–The National Capital Revitalization Corp. has begun construction on the Mount Vernon Place Church Square development, a 300,000-sf, mixed-use project located at 3rd and H streets NW in Mount Vernon Triangle.

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.