Perseus TDC will start construction on a five-story multifamily project located in a Washington, D.C. historic district. The developer is planning to break ground on the 158-unit community, 15th and S, this month with an expected delivery in spring 2023.
Perseus TDC, an affiliate of Transwestern Development Co., tapped Harvey-Cleary Builders as the project’s general contractor. The project team also includes Hickok Cole as the project architect, GKV as the interior designer and VKA as the civil engineer. Perseus TDC also teamed up with Allstate Insurance Co., who will be the equity partner for the project.
The 114,878-square-foot community is being built with a fitness facility, business center, entertainment space, rooftop recreation area, 10,000-square-foot backyard garden and 108 below-grade parking spaces.
Adam Peters, regional partner of Perseus TDC, told Multi-Housing News that the unit floorplans have not been finalized yet.
Located at the intersection of 15th Street NW and S Street NW, the community is less than half a mile away from the U Street Metro Station and its Green Line. The community is also near the core business district at Dupont Circle and the restaurants and bars along the nearby 14th Street NW. Peters said in prepared remarks that the Logan Circle submarket that 15 and S is located in is in high-demand for young professionals.
“Logan Circle/the 14th Street Corridor is historically the strongest market in the D.C. region,” Peters told MHN. “Our comparable buildings, The Liz, 13th & U and the Hepburn, have shown very strong leasing this spring.”
Just outside of Washington, D.C., Perseus TDC also worked with Four Points LLC on a 520-unit community in Alexandria, Va., that broke ground in March 2018.
BUILDING IN A HISTORIC DISTRICT
The 44,595-square-foot site that 15th and S is being built on is also located within Logan Circle’s Sixteenth Street Historic District that stretches between H and W Streets. The site is currently being used as parking for the House of the Temple and includes a historic carriage house, according to Perseus TDC.
Being within a historic district, the project team had to secure approval for the project from the city’s Historic Preservation Review Board. Alongside the approval, the development is considered by-right and will adhere to the area’s existing zoning code.