Joint Venture Breaks Ground on Phase One of DC Community
- Jan 15, 2015
MRP Realty and Florida Rock Properties broke ground last month on Phase One of the mixed-use Capitol Riverfront development. D.C. mayor-elect Muriel Bowser attended the ceremony, along with Fred Rothmeijer, founding principal of MRP; David deVilliers, president of FRP Development Group; and other government officials.
The Riverfront is one of the few developments located on the District’s waterfront. The 5.8-acre site is bounded by Potomac Avenue S.E. to the north, First Street to the east, south Capitol Street S.E. to the west and the Anacostia River to the south. The project will be developed in phases.
Phase One calls for the construction of a high-rise residential building with 281,050 square feet of space. It will have 321 units, 18,650 square feet of ground-floor retail space and 40,000 square feet of public open space. The nine-story building will also include 286 parking spaces on two below-grade levels. According to MRP, residential amenities will include a grand lobby, a club with game room, a state-of-the-art fitness center, a rooftop pool and bike storage. Phase One is expected to be completed in late 2016.
In November, MRP and Florida Rock announced they had closed on $82 million in construction financing. First Niagara Bank is providing $65 million, with an additional $17 million in preferred equity financing through a joint venture with EB5 Capital.
The developers plan four phases. At full build out, the mixed-use development will include 1.1 million square feet of residential, commercial and retail space designed to achieve LEED certification. It will have 600 residential units, 50,000 square feet of retail space, 325,000 square feet of office space and 325 hotel rooms.
Photo credit: MRP Realty