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The Latest On The 400k SF, Whole Foods-Anchored 965 Florida Ave

WASHINGTON DC 05.16.2017

REAL ESTATE STRATEGIES FOR ASSOCIATIONS & LAW FIRMS

Demands, Drivers and Disruptors of Two of DC's Largest Tenant Groups

Tom Ikeler -- PN Hoffman
David Bevirt -- Brookfield
Dan Dooley -- Carr Properties
The Latest On The 400k SF, Whole Foods-Anchored 965 Florida Ave

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.