$300M NOMA Multifamily Development Starts

(Read more on the multifamily market.)

WASHINGTON, DC-The first apartment building to go up in the NoMA submarket has just broken ground. The Cohen Cos. will deliver the first phase of Union Place, an approximately $300-million development, in mid-2009. Altogether some 700 units will be developed along the city block of Third and K Street, NE.

The first phase will deliver 212 apartments, 30 of which will be designated as affordable housing. This is a voluntary contribution by the developer as it is not requesting state or federal funding for the project, Cohen Cos. president Ronald J. Cohen tells GlobeSt.com. “But we could not have done otherwise, given the building’s namesake.” The phase one development will be called “the Loree Grand” in honor of Luree Murray, a well-known community activist here who founded the Near Northeast Citizens Against Crime and Drugs civic association more than 20 years ago.