New Development in Ward 4 to Deliver Homeownership Opportunities, Apartments for Seniors, and Retail Options
(WASHINGTON, DC) – RealEstateRama – Mayor Muriel Bowser, along with Office of the Deputy Mayor for Planning and Economic Development (DMPED), announced the closing of financing on Riggs Place Park in Ward 4, a long-awaited 171-unit housing community of townhomes, apartments, and retail located at the intersection of Riggs Road and South Dakota Ave, NE.
“These types of projects are helping to continue our commitment to delivering a variety of housing options – rental and home ownership – for all different income levels and family sizes across the District,” said Mayor Bowser. “Despite the current financial challenges, we are pressing forward with economic development opportunities and creating new affordable housing further setting up the District up for an equitable recovery.”
The first phase of Riggs Park Place will feature 90 new townhomes for sale, five of which will be designated as affordable homeownership opportunities. Phase two will be a mixed-use senior apartment community with at least 30 affordable units. The 90 townhomes will be modern, two, three, and four-bedroom floor plans close to Fort Totten Metro Station, a café and shopping across Riggs Road, the newly renovated Lamond-Riggs Library, as well as cultural and art experiences at Art Place, an adjacent mixed-use development offering apartments, retail, a new fitness center, a children’s museum, and more.
“Ward 4 is known as one of the most desirable places to raise a family, live, work, and shop with a vibrant and diverse community,” said Ward 4 Councilmember Brandon T. Todd. “The city’s public private partnership with EYA brings for-sale townhomes and senior rental housing for a broad range of incomes and supports neighborhood revitalization.”
The Lamond Riggs Citizens Association and ANC4B expressed support for the project, particularly for senior affordable apartments and neighborhood-serving retail.
“This project is a long time coming – in fact, Mayor Bowser was working towards this goal when she was an ANC Commissioner herself,” said Acting Deputy Mayor for Planning and Economic Development John Falcicchio. “Who would have thought that in these uncertain times, our team would push this over the finish line bringing new housing opportunities to families of all income levels in Ward 4. It’s a proud day for DC.”
Other financial partners for Riggs Place Park include EYA, JBG Smith and Paramount Development, with its lender, Eagle Bank.
“Riggs Park Place and our partnership with the city exemplifies EYA’s ability to effectively work with residents, local jurisdictions, and our financial partners to both create value and bring meaningful projects to life,” said Aakash Thakkar, EVP at EYA. “We are moving forward even in these uncertain times because there is tremendous demand for high-quality, attainably priced new housing in the region. The public-private nature of the project, its revitalization impact on the neighborhood, and its delivery of missing middle townhomes that address a broad demographic are all core tenets of our mission. We appreciate the partnership with JBG Smith, the District, and the community that enabled us to move the project forward.”
The closing of Riggs Place Park follows other recent closings during the coronavirus (COVID-19) pandemic, including Spring Flats, The Hartley on the Parks at Walter Reed and the Karin and Anna Cooper Houses. Mayor Bowser reaffirmed her commitment to investments in affordable housing with her Fiscal Year 2021 budget proposal, 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 proposal 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.
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