Standard Real Estate Investments has acquired a seven-property land assemblage in Ward 8, adjacent to the St. Elizabeths East campus in Washington DC, in the US.
The two-acre site includes the southern entrance to the Congress Heights Metro station.
Standard has partnered with development and investment firm Trammell Crow Company to develop and lease the site’s 240,000ft2 office component.
Furthermore, Standard partnered with NHT Communities to develop 179 apartment units at the site.
Of these, approximately 35% of the units will be two- and three-bedroom family units. This would serve a significant need in the local area.
Standard president Jerome Nichols said: “This intricate transaction is a giant step toward unlocking the benefits of this extremely well-located site through the office project we’ve planned with Trammell Crow Company and the affordable housing units that NHT Communities will develop.”
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Construction on the office and residential components of the development are planned to start as soon as 4Q 2022.
Occupancies for the office and residential component are slated for 4Q 2024 and 2Q 2025 respectively.
Washington DC Planning and Economic Development Deputy Mayor John Falcicchio said: “Mayor Bowser has carefully led the transformation of St. Elizabeths East so it reflects the interests and needs of the Congress Heights neighbourhood.
“This mixed-use development across Alabama Avenue SE will complement that work and ensure that both entrances to the Congress Heights Metro Station bring vibrancy to the neighborhood while also advancing DC’s goal of 36,000 new homes by 2025.”
In the near term, the team plans to refine the design for the project and undertake leasing campaign for the office building.
Construction on the office and residential components of the development is due to start in Q4 2022. Credit: Pawel Grzegorz from Pixabay.