Does the MRP in MRP Realty Stand for Massive Redevelopment Project?
- Jul 24, 2015
MRP Realty, the developer of the 1.1 million-square-foot Capitol Riverfront mixed-use development, wants to build something even bigger in the District. The new project’s residential portion alone would have more than 1.5 million square feet of space.
The Washington Business Journal reports that MRP, in a joint venture with B&R Associates LP and Sandrock LP, plans to build a mixed-use, transit-oriented community on a 13-acre site near the Rhode Island Avenue Metro station. Bounded by Fourth Street N.E., Rhode Island Ave., the Metrorail tracks, the Metropolitan Branch Trail and the Edgewood Terrace apartments, the site is currently home to B&R’s Rhode Island Center, a self-storage warehouse operated by Sandrock and 13 single-story retailers. If the development team gets its wish, they will all be replaced by seven new buildings.
MRP and its partners intend to build the project in phases. Its seven buildings would feature a mix of 1,555 studio, one-, two- and three-bedroom units, as well as ground-floor retail and 1,992 parking spaces. Nearly 125,000 square feet of space will be set aside as affordable. Other details were not released. The Washington Business Journal described the project as one of the largest redevelopment proposals in the District’s pipeline.