(Read more on the multifamily market.)
SILVER SPRING, MD-Mid-City Urban, a local developer of multifamily rental and for-sale housing, is partnering with the Canyon-Johnson Urban Fund, a Los Angeles-based joint venture between Canyon Capital Realty Advisors and Magic Johnson, to build a $300-million mixed-use, mixed-income development that will be located “inside the Beltway,” according to Vicki Davis, president of Mid-City Urban. The deal is so new–Mid-City Urban was only recently notified of the award–Davis will not provide further details.
However, it is safe to conclude that the project will mimic, to a certain degree, other mixed-use, affordable housing projects the company has under way in the DC area. The firm has more than 4,000 housing units under development in the Mid-Atlantic totaling nearly $1 billion. Currently, in the DC area it is redeveloping two former public housing projects as mixed-income communities and has just held a ribbon-cutting ceremony for a third.
The company is developing a 600-unit project in Ward 8 on Alabama Avenue; it has already delivered almost 400 units of rentals and for-sale housing for this roughly $150-million project. Mid-City Urban is also developing 16 city blocks in the Ballpark district close to the Navy Yard. This development will have close to 2,000 housing units, of which 300 have been delivered. There is also 500,000 sf of office space as part of the project, Davis says. The firm has partnered with Forest City Enterprises in this venture.
Finally, Mid-City Urban has just finished the development of Legacy at Lincoln Park, a mixed-income community in Rockville. A private-public venture, it partnered with the Rockville Housing Enterprises to build the project on the site of the former Lincoln Terrace public housing project. Bozzuto Homes was the builder.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
