Work begins on St. Elizabeths East resi project in Washington, DC

Work begins on St. Elizabeths East resi project in Washington, DC

Published at: 2018-12-05 16:55 | Author: CIJ USA
Anacostia Economic Development Corporation and Flaherty & Collins Properties have kicked off construction of an apartment building in Washington, DC. St. Elizabeths East will feature 252 units, 202 of which will be affordable. Located in the capital’s Congress Heights neighborhood in Ward 8, the property will be adjacent to the new Entertainment and Sports Arena on the site of the former St. Elizabeths Hospital. Fifty apartments will be available at market rents, 19 units will serve those earning between zero and 30 percent of the median family income, and 183 units will be set aside for residents earning 31 to 50 percent of the median family income, which is currently $58,600 for a family of four. The $109m investment will include a fitness center, a clubroom, secured parking, a playground and an outdoor grilling area.

Funding for the scheme comes from the DC Housing Finance Agency, which issued $52m in bond financing. Project funding also includes $28.8m provided by DHCD, $25.7m generated through LIHTC equity and $15.6m in historic tax credits. The project is the first redevelopment phase of the 183-acre St. Elizabeths campus.

Similar Stories:

Meadow Parnters buys Rocket Factory Lofts in Brooklyn for $61m
Meadow Partners has closed on the disposition of a market rate rental property in Brooklyn  »
NYC starts construction of $72m Nevins Street Apartments
A $72 million affordable and supportive housing redevelopment project, the Nevins Street A  »
Jacksonville apartment complex sells for $35.2m
The Mission Springs apartment complex in Jacksonville has been sold for $35.2 million. The  »
Lantower Residential buys $74.7m Orlando multifamily asset
Alta Grande, a recently completed 314-unit multifamily community in Orlando, Fla. has been  »
Hurricane Hermine had the entire state of Florida on the edge of its seat in September. It   »
South Florida’s condo market is readying for a soft landing rather than the crash that m   »
There are approximately 17,000 units in Miami in presale, sold or under construction. Abou   »
The same year Orange County builders pulled 11,000. Fast forward to 2010 and those numbers   »