Phase 1 of Big DC Project Nears Completion
This mixed-income redevelopment brings together public and private stakeholders.
The Iris, a 430-unit mixed-income community in Washington, D.C., is slated to open this summer, with first move-ins planned for May 20.
The project stemmed from the collaboration of the District of Columbia Housing Authority, MRP Realty, CSG Urban Partners and Taylor Adams Associates. Completion is expected in late August.
Moya Design Partners provided architectural services and CBG Building Partners is the project’s general contractor. Bank OZK originated a $129.5 million construction loan, Yardi Matrix data shows.
The project is part of a three-phase redevelopment of the former DCHA headquarters, set to include 1,200 units. The government agency sold the 99-year ground lease of their property at 1133 N. Capitol St. NE to MRP, CSG and Taylor Adams in 2022, subsequently relocating its main offices to 300 Seventh St.
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As part of the agreement between DCHA and the developers, 20 percent of the entire redevelopment’s gross floor area—at least 200 units—must cater to residents earning up to 60 percent of the average median income.
To this end, The Iris includes 86 affordable units. Once the three-phase redevelopment is complete, nearly 250 units will be affordable, according to statements by DCHA Executive Director Brenda Donald.
The property rises 13 stories and encompasses studio and one- to three-bedroom floorplans ranging between 444 and 1,198 square feet. Apartments feature smart keyless entry systems, 9-foot ceilings, floor-to-ceiling windows and quartz islands, among others.
Community amenities include a rooftop swimming pool with cabanas, coworking spaces with private rooms, a gym, a courtyard lounge, as well as dog grooming facilities and greenhouse spaces.
The NoMa community is less than 1 mile from U.S. Route 50 and Union Market. Washington’s central business district—where employers such as The Washington Post and Deloitte Consulting can be found—is less than 2 miles away.
D.C.’s multifamily pipeline shrinks
According to Yardi Matrix data, Washington D.C.’s supply pipeline totals more than 32,000 units under construction, accounting for 5 percent of total stock as of May.
Year-to-date through April, developers brought online north of 3,500 units in the area, a 16 percent decrease from last year’s records of more than 4,200 units delivered during the same period.
One of the developments that debuted earlier this year is MDXL Flats, a 101-unit affordable community cofinanced by Boston Capital, the District of Columbia Housing Finance Agency and the District of Columbia Department of Housing and Community Development.
