Washington, DC – (RealEstateRama) — Mayor Bowser kicked off the second phase of construction at 555 E Street, SW, delivering additional senior affordable housing, a hotel, and retail space near the Southwest Waterfront neighborhood in Ward 6. In 2015, the Mayor cut the ribbon on the first phase of the project just one block away at 400 E Street, SW, another mixed-used development that included Engine Company 13 and the Hyatt Place hotel.
“We are proud to be a city that as we grow and prosper, we’re also staying very focused on how we look out for our seniors and ensure they have access to high-quality, affordable housing options,” said Mayor Bowser. “Going into the next four years, we will continue working to ensure neighborhoods across all eight wards of the District have access to the types of housing, amenities, and jobs that make Washington, DC such an attractive place to live and work.”
The new mixed-use development, which will consist of two towers atop 10,000 square feet of ground floor retail space and underground parking, is considered the District’s first mixed-age and mixed-income building. The first tower will have 194 residential apartments, including 136 market rate multifamily rental units and 58 units of deeply affordable housing for seniors ages 62 and older. In the second tower will be the city’s first citizenM hotel, a European boutique hotel brand known for offering luxury experiences at affordable prices.
“They say cranes in the sky are a sign of a fruitful city, and we have many!” said Deputy Mayor for Planning and Economic Development Brian Kenner. “This project is special because we are adding a housing component to a predominantly commercial area of the District.”
This innovative mixed-income/mixed-age approach ensures that of the 58 affordable units, 43 will be available for seniors making up to 50 percent of the Area Median Income (AMI), seven will be Permanent Supportive Housing (PSH) units for vulnerable seniors earning up to 30 percent of the AMI, and the remaining eight units will be non-PSH voucher units for seniors earning up to 30 percent of the AMI. The PSH units will be served by local nonprofit Community Connections of DC, which will ensure that the PSH tenants have all the tools and skills necessary to live safely in an independent setting.
The development team, E Street Development Group, LLC, is a joint venture led by CityPartners and Potomac Investment Properties that also includes DC Strategy Group, Paramount Development, and Adams Investment. All five partners are DC businesses led by DC residents.