$100M Development Coming to DC
Federal Capital Partners, Level 2 Development and Clark Enterprises are building a luxury building with 318 units.
Located at 320 Florida Ave., NE the community will include 318 luxury apartment homes including four penthouse units and approximately 10,000 square feet of first floor retail space.
“This was a group of partners we worked with before and had a successful execution with, and we really liked the product concept, this well-amenitized building in a well-amenitized neighborhood,” Wade Casstevens, FCP’s senior vice president, told MHN. “It’s a very nice building but it’s not in a luxury price point, so we thought it would be very marketable.”
Thirteen three-bedroom townhomes will be built off-site in ANC 5B in conjunction with DC Habitat and set aside for households earning no more than 50 percent of the area median income. In addition, four percent of The Highline’s units will be set aside for households earning no more than 80 percent of the area median income.
The Highline will include a rooftop pool as well as sustainable features equivalent to LEED Silver, including a green roof, bio retention facility, energy-efficient building design and 105 bicycle parking spaces.
The project was inspired by New York’s meatpacking district and the elevated park known as the High Line. Designed by Eric Colbert & Associates, the 12-story, modern-industrial architectural design integrates warehouse-style windows with industrial-framed glass cubes that weave in and out of the Florida Avenue façade at varying depths. Other unique elements include materials reminiscent of rail cars, and steel columns that echo the riveted steel supports of the nearby railroad underpass.
“This project embraces the history of the Union Market District as well as the railway, while setting a new standard of design for the area,” David Franco, a principal at Level 2 Development, said.
The Highline at Union Market will be located one block from the NoMa/Gallaudet Red Line Metro Station, and will provide a significant pedestrian connection between the NoMa and Union Market neighborhoods through a park it will build adjacent to the project.
“On the housing side, we want to invest in housing that is affordable to the masses,” Casstevens said. “That part of town has such a massive amount of employment and well-paying government jobs, so there is a real demand.”
Level 2 and FCP recently teamed to develop Takoma Central, 150 premium apartment units above Busboys & Poets and next to the Takoma Metro Station in Takoma, Washington, DC.
United Bank and EB5 Capital provided construction financing for the project. MAC Realty Advisors assisted the venture in acquiring development financing.