Monument Realty Wins Rights To Build 577-Unit Project In NoMa
Want to get a jump-start on upcoming deals? Meet the major D.C. players at one of our upcoming events!
Mayor Muriel Bowser announced Monday that Monument Realty's team was selected out of six finalists to develop on the 1-acre site the city owns at 2 Patterson St. NE.
Monument Realty's plan calls for a 13-story building with 577 apartments, including 325 affordable units. The project will also feature 18K SF of retail, 4,500 SF of community space and a park.
The developer in December bought the adjacent 40 Patterson St. NE site, where it plans a 310-unit apartment building with 10K SF of retail. Monument plans to begin construction on the 40 Patterson building by early 2020, and it is waiting to finalize the deal with D.C. before setting a timeline for the 2 Patterson project.
"We did have some advantage controlling the property next door, that allowed us to configure the development on two sites to maximize the units and share infrastructure and amenities between the projects," Monument Realty Executive Vice President of Acquisitions Josh Olsen told Bisnow. "We spent time trying to maximize the affordable units on 2 Patterson because that was the goal the district set."
The team selected for 2 Patterson also includes Morningstar Community Development, The May Firm, Community Housing Partners and KGD Architecture.
The project's affordable component would include 195 units set aside for those making less than 50% of area median income and 130 units at 80% AMI. It would also have 217 units between 100% and 120% AMI, a segment of renters above the traditional affordable housing threshold that has faced increasing housing pressure in recent years.
Monument's team was selected from six finalists that also included Tishman Speyer, WC Smith, Jefferson Apartment Group, Level 2 Development and Republic Properties. The site was highly coveted because of its location three blocks from the NoMa Metro station in one of D.C.'s fastest-growing neighborhoods.
Bowser announced the selection along with the teams for two smaller residential projects. D.C. selected a team of H2DesignBuild and Asset Management Consulting to build 18 three-bedroom units on a vacant Anacostia lot at 1004-1018 Howard Road SE.
The District selected Development Corporation of Columbia Heights, HEP Construction and Define Development group to build 14 townhouses at 6100 Dix St. NE. The two projects will deliver for-sale housing that will be set aside for various income levels ranging up to 120% AMI.
"From family-sized rentals to townhouses, we need an all-of-the-above strategy to keep D.C. affordable, stable and sustainable," Bowser said in a release. "I look forward to breaking ground on these projects and welcoming District residents to their homes."