75-Unit Multifamily Project Joins Crowded Capitol Riverfront Pipeline
The development will be built in three phases, with the 19-unit Phase 1 breaking ground in March and delivering a year later, the 49-unit Phase 2 beginning in summer 2018 and delivering by the end of 2019, followed by the seven- to 10-unit Phase 3.
The site consists of a parking lot and a vacant building, which Novo Development had previously planned to redevelop, but was included as part of the sale to MMG.
MMG bought the property last week for $7.15M, managing member Julio Murillo told Bisnow, and it expects the project to cost around $27M to build.
The project joins a packed Capitol Riverfront development pipeline, which leads the District with six projects totaling 1,843 units slated to deliver just in 2017. Murillo said the buildings will have a different target market than many of the amenity-rich buildings going up in the area.
"We’re not going after the same market," Murillo said. "We think there’s a niche in the space between Class-A and B and slightly discounted from what you pay at amenity-rich locations. I think there’s a market for that."