The Latest On The 400k SF, Whole Foods-Anchored 965 Florida Ave
Want to get a jump-start on upcoming deals? Meet the major D.C. players at one of our upcoming events!
MRP Realty, Ellis Development and The JBG Cos are in the midst of executing their grand plans for the prospective U-shaped building arriving at 965 Florida Ave. They include a 51k SF Whole Foods and a residential component with market-rate and affordable units.
Howard Ellis, affectionately known as “Chip” among Washingtonians, emphasized the importance of designating 30% of the 428 apartments for tenants with incomes between $30k and $50k.
He’s also the man who revitalized the Howard Theatre, a project he says has positively reverberated throughout the community and precipitated a plethora of positive changes, including development coming from Monument Realty next door.
The district sold the project site to the partnership for $1.4M. DC Department of Housing director Polly Donaldson, when speaking at our Fifth Annual Affordable Housing Forum last year, praised the developers’ initiative to reserve such a high percentage of apartments to low-income apartments. The low price for the plot of land was a huge topic of DC Council debate, but was approved in 2015.
In addition, the partnership’s allocating $3.4M to community-enhancing projects, like grant programs, capital improvements for local retailers, and a business incubator JV between Howard and DC.