(Washington, DC) – RealEstateRama – Bowser Administration officials from the Office of the Deputy Mayor for Planning and Economic Development (DMPED) broke ground on a mixed-use project that will bring 79 new homes and 3,327 square feet of ground floor retail space to 8th and O Streets NW. The project includes 24 affordable homes and 55 market rate units, 5 of which are townhomes. Administration officials were joined by partners from Roadside Development and Dantes Partners.
“Mayor Bowser has challenged our team to continue to build housing in the midst of the economic challenges of the pandemic, and the team continues to step up to meet that challenge,” said Deputy Mayor for Planning and Economic Development John Falcicchio. “More housing – including more affordable housing – will only strengthen the Shaw neighborhood and push us closer to achieving 36,000 new housing units by 2025 including 12,000 affordable units spread across all 8 Wards.”
The site is located immediately across from award-winning project, City Market at O.
“We see 8th & O as an opportunity to get more affordable units for purchase into the Shaw Neighborhood, which is a priority for the city,” said Richard Lake, Managing Partner, Roadside Development. “The project also expands on the vibrancy evolving in the neighborhood, in part created by City Market at O.”
The development teams are also contributing to local marketing retail assistance efforts, providing a parish office for the Immaculate Conception Church and contributing to the Kennedy Recreation Center located at 1401 7th Street, NW.
“This project is a good means to expand the mixed-income footprint in Shaw and a way to help meet the strong demand for affordable housing in DC,” said Buwa Binitie, Managing Partner, Dantes Partners. “We are excited to be working with Roadside Development again, strong partnerships as this are essential to building vibrant thriving communities.”
Grosvenor Americas was chosen as the structured finance partner and M&T Bank and Eagle Bank serve as the lenders in the execution of this project. Urban Pace will lead the ventures’ marketing efforts for the condominium and townhome sales.
Mayor Bowser reaffirmed her commitment to investments in affordable housing with her Fiscal Year 2021 Budget, recognizing that both short- and long-term efforts must be ongoing to preserve housing affordability and stability for all District residents. The Mayor’s FY21 budget includes an investment of $100 million in the Housing Production Trust Fund – for the sixth consecutive year – and a $1 million investment in the Housing Preservation Fund. Once the District’s Comprehensive Plan is approved through the Council of the District of Columbia, even more housing units will be created in each of the District’s 10 planning areas. You can track the District’s progress toward #36000by2025 at open.dc.gov/36000by2025.