MRP Brings On Equity Partner For Major Rhode Island Avenue Development
MRP Realty recently began construction on the first phase of a project that will bring over 1,500 units to Rhode Island Avenue NE, and the developer has just landed a new partner.
FRP Development Corp. has formed a joint venture with MRP for the first phase of its Bryant Street project, the developers announced Tuesday. HFF represented MRP in the deal to form the JV partnership.
FRP Development, a subsidiary of Florida Rock Properties, is contributing between $50M and $55M to the project, the company said in a November earnings report that revealed it had signed a letter of intent. FRP and MRP also partnered on the Dock 79 apartment building near Nationals Park and they are partnering on that project's second phase, which is under construction.
“Having worked with MRP on Dock 79 and The Maren, two similarly high-impact developments in what was a fallow area along the Anacostia River near Nationals ballpark, we are confident in our strategy for providing the ideal combination of retail, entertainment and restaurants alongside a robust suite of housing options," FRP President David deVilliers Jr. said in a release.
MRP began construction on the Bryant Street project just before the end of 2018, but it has not yet held an official groundbreaking ceremony. It has a deal for a construction loan set to close this month, a spokesperson said.
The first phase of the project will include 490 multifamily units, a nine-screen Alamo Drafthouse Cinema and another 40K SF of retail, plus a public plaza, dog park and improvements to the adjacent Metropolitan Branch Trail. The full development is slated to include 1,650 units and 250K SF of retail.
The project, a redevelopment of the Rhode Island Avenue Shopping Center, sits near the intersection of Rhode Island Avenue and Fourth Street and is connected to the neighborhood's Metro station by a pedestrian bridge. It is located within an opportunity zone, and the development team plans to utilize the federal program, transferring capital gains from other ventures to the project to receive tax benefits.