The development team includes Banneker Ventures and affordable housing provider CPDC. As part of the project, the District is investing about $45 million to rebuild the nearby Walker-Jones Elementary School, including a new recreation center and public library.
Northwest One, which is part of the District's New Communities Initiative, will be built in several phases, most likely starting at District-controlled sites along North Capitol Street. The Northwest One neighborhood is bounded by K Street to the south, New York Avenue to the north and New Jersey Avenue to the west.
The District sought development bids in July. Part of the reason why One Vision was ultimately selected this week, Jair Lynch tells GlobeSt.com, is that it developed strong communal ties in the neighborhood. It reached an agreement, for instance, with the adjacent 199-unit Sursum Corda Cooperative.
Lynch says the groundbreaking is not yet scheduled, mainly because the company still has to work out additional project details and terms with the city. "Once that is finalized we should break ground about a year later," he says.
New Communities' development principles require that a developer replace each subsidized housing unit on the site with a new unit and provide roughly twice as many new market rate and workforce units. Barry Farm/Park Chester/Wade Road in Ward 8, Lincoln Heights/Richardson Dwellings in Ward 7 and Park Morton in Ward 1 are other New Communities.
"We have an incredible opportunity to create a more healthy and vibrant neighborhood here," Mayor Adrian M. Fenty says. "This team has demonstrated that it's more than capable of working alongside us to get this highly complex job done."
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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.
