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New Mixed Use Development coming to Ward 8!!

This is GREAT news given how Ward 8 has historically seen underinvestment. This is just one more example of good things to come!

From Costar:

DC Developer Secures $143 Million Loan for Multifamily in Ward 8

Residential Project Kicks Off Redbrick’s 8-Acre Mixed-Use Neighborhood

By Katherine Hamilton CoStar News

October 31, 2022 | 3:04 P.M.

Redbrick LMD, a Washington, D.C.-based real estate company, has secured funding for a multifamily project that kicks off the development of a proposed 8-acre neighborhood in D.C.’s Ward 8.

The $142.5 million loan will finance construction of The Douglass, a 400,000-square-foot residential building with 40,000 square feet of retail. The loan was arranged by Citizens Bank, according to a statement from Redbrick.

Redbrick officially broke ground on the project in May. The building would be the first multifamily within the Bridge District, a neighborhood Redbrick has proposed that would include residential, office and retail developments in Southeast D.C.

Redbrick plans to make 80 of the 748 units affordable, an important aspect in Ward 8, which has twice the poverty rate of the rest of D.C., according to a report from the D.C. Department of Health.

The site of the Bridge District is located east of the Anacostia River in a region developers have historically ignored compared with the opposing riverbank, which is home to the highly developed Navy Yard and Capital Riverfront. Sandwiched between the newly constructed Frederick Douglass Memorial Bridge and the Anacostia Metrorail station at 632 Howard Road, the neighborhood is designed to fill 2.5 million square feet of mostly vacant parcels.

“This construction loan from our partners at Citizens during a challenging economic environment represents a significant vote of confidence in the future of the Bridge District. The Douglass will offer premier work-from-home residences with sweeping views of the Washington skyline and a proximity to nature that comes from a riverside location and adjacency to a national park,” Tom Skinner, founder and managing partner of Redbrick, said in the statement.

Skinner has said he wants the neighborhood to have a forward-looking focus, including amenities to help with remote working, such as so-called Zoom rooms. Redbrick is also targeting net-zero carbon operations for all buildings within the Bridge District development.

The Douglass’ first residential units are slated to open in late 2024, with construction completed in mid-2025.


Content by Vidona Residential Columbia Realtors

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