Construction Begins On $100M Highline At Union Market

David Franco Level 2 Development
Photo credit: Courtesy: Federal Capital Partners Level 2 Development principal David Franco speaking at the Highline groundbreaking

Mayor Muriel Bowser was on hand Wednesday to mark the groundbreaking of the latest major multifamily project at Union Market.

Level 2 Development, Federal Capital Partners and Clark Enterprises broke ground on The Highline, a 318-unit apartment building with 10k SF of ground-floor retail at 320 Florida Ave. NE. The $100M project is expected to deliver in the first quarter of 2019.

The 12-story building will have a rooftop pool, and the developers plan to build a park next to the building that will give pedestrians easier access between the NoMa and Union Market neighborhoods.

In addition to setting aside 13 units in the building for those making 80% AMI or below, the development team has agreed to build 13 affordable townhouses in Ivy City. The three-bedroom homes on Central Place NE will be set aside for those earning up to 50% of AMI.

Construction financing for the project was provided by United Bank and EB5 Capital. Bowser said her November 2015 trade mission to China, on which Level 2 principal David Franco joined her, led to the EB-5 funding. The program, which has come under intense federal scrutiny, allows foreign nationals to invest in real estate projects in exchange for immigrant visas.

Level 2 is building another Union Market apartment building next door in partnership with Trammell Crow and Edens. That 432-unit building will include a Latin-inspired marketplace on the ground floor. It is expected to deliver toward the end of 2018. Franco is a panelist at Bisnow's Northeast DC Update event on March 23

Those deliveries will come after LCOR and Edens' 187-unit mixed-use building at 1240 4th St. NE, which has signed a Trader Joe's on the ground floor and is expected to open later this year.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Washington, D.C. Newsletters
Related Stories

270-Unit Manassas Gated Community Sells: The D.C. Deal Sheet

King Of Prussia Pursues Stadium To Anchor $200M Mixed-Use Complex

BXP Closes In On Next D.C. Office Development As It Shrinks Assets

How Metropolis Is Bringing Parking Into The Future With AI And Recognition Technology

Montgomery County Approves 18-Month Data Center Moratorium

With New $250M Deal, Elme Is Fully Set To Liquidate

Simpson Thacher Appears In Talks For What Could Be One Of D.C.'s Largest Office Leases In 2026

Hines Nabs 4 Prince William Housing Sites: The D.C. Deal Sheet

1200 White St., Atlanta's Newest Creative Hub, Is Transforming The West End

AvalonBay Sells 217-Unit Community Next To Greensboro Metro

GSA Head Says Federal Government Has 'Place To Play' In Southwest D.C. Redevelopment

Downtown D.C. Office In Receivership Hits Market For Conversion