Developers Break Ground on $189M Apollo Mixed-Use Project
- Sep 25, 2014
Insight Property Group and institutional investors advised by J.P. Morgan Asset Management announced on Sept. 17 the start of construction for the Apollo, a mixed-use apartment project situated right in the heart of D.C.’s H Street, N.E., corridor. At a cost of $189 million, the project is expected to be complete by early 2017.
Construction started with the demolition of the Murry’s grocery store and H Street Self Storage buildings. They will be replaced by an eight-story, concrete-frame structure, with 431 apartment units and 75,000 square feet of commercial space. Insight Property Group has already announced that Whole Foods Market will be one of the project’s retail tenants.
The Apollo will be LEED certified. It will offer its tenants numerous amenities, including a green roof, a fitness center, outdoor courtyards, a swimming pool, as well as 432 parking spaces in a two-level, below-grade parking structure.
The construction loan for the Apollo was provided by Germany-based Helaba (Landesbank Hessen-Thuringen). HFF’s Susan Carras, Walter Coker and Brian Crivella assisted with the project equity and the project debt placement.
“The Apollo is located about midway between Union Station to the west and H Street’s Atlas District to the east. That central location helps tie the corridor together and will make the Apollo a destination, ” Insight Partner Trent Smith said in a statement for the press.
The Apollo is Insight’s latest project in the Washington, D.C., metro. The Arlington-based developer said it currently has nearly 1,000 apartments under development in the area. Other projects include the 310-unit Fenwick, in Silver Spring, and the 240-unit Shelby, in Alexandria.
Photo credit: Insight Property Group