A partnership between Akridge, Bridge Investment Group, Blue Coast Capital and National Real Estate Advisors has broken ground on Phase I of The Stacks, a 6-acre, 2 million-square-foot mixed-use development in Washington, D.C. Bank OZK recently provided a $367 million construction loan for the project, according to Washington Business Journal.
Clark Construction Group is the general contractor for the project. The development team also includes Gensler, Morris Adjmi Architects, Handel Architects, Eric Colbert & Associates, West 8 and Lee & Associates, together with DXA, HOK and Hickok Cole.
At full build-out, The Stacks will comprise 2,000 multifamily units, 80,000 square feet of retail, two hotels and some 250,000 square feet of office space.
Aiming for LEED Gold
With delivery expected in 2025, Phase I was designed to include three residential towers totaling 1,100 apartments and 35,000 square feet of retail space. More than 10 percent of the units will pertain to affordable housing. Common-area amenities are set to include a pedestrian-only road that will connect retail, public plazas and residential spaces, a park and outdoor community spaces as well as an underground loading dock and parking garage.
As part of the companies’ sustainability initiatives, the community was also designed to LEED Gold standards, encompassing energy-efficient features such as solar panels and rainwater-retention installations. At the end of last year, another mixed-use property developed by an Akridge partnership in Washington, D.C., received a LEED Gold certification.
Located in the Capitol Riverfront’s Buzzard Point neighborhood at the intersection of V Street SW and First Street SW, the development site is 4 miles southeast of downtown Washington, D.C. Numerous dining, retail and entertainment options along Eighth Street SW are within 2 miles of the property.