Three years after being awarded the rights to build a mixed-use development on District-owned land at Fifth and I streets NW, Peebles Corp. has reached an agreement with D.C. to allow the project to move forward.
The deal would allow Peebles to build the SLS Lux Hotel and condo project at 901 Fifth St. NW in exchange for building 61 units of affordable housing, the Washington Business Journal reports.
Of those affordable units, 30 would be built at 2100 Martin Luther King Drive, the same site where Don Peebles built his first project in 1983. The remaining 31 units would be built later at an as-yet-undetermined site. The D.C. Council still has to approve the agreement before the project can move forward.
Peebles plans to build a 250K SF mixed-use development that would feature a 198-room hotel and 59 condo units. The building will also include a restaurant, an outdoor beer garden and a rooftop lounge. Peebles aims to have the hotel open in late 2018 or early 2019.
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