Skanska Tops Out $128M DC Project
This NoMa development is expected to come online in 2024.
Skanska has topped out OZMA, a 12-story mixed-use multifamily development in Washington, D.C.’s NoMa neighborhood. The project was designed by Handel Architects and leasing for the retail component will be handled by Papadopoulos Proprieties. The developer has invested $128 million in the project, the construction contract being worth $96 million. Completion is expected in 2024.
The property will incorporate 275 residential units, along with 7,700 square feet of retail space and 17,000 square feet of indoor amenity space, complemented by a similarly sized area dedicated to outdoor facilities. Common-area amenities on the ground floor are slated to encompass a library lounge, workspaces, fitness center, art studio with gallery and a social bar. The penthouse will feature a wellness center, tearoom, flex studio, heated pool, grills and solarium garden.
Central DC location
Located at 44 M St. NE, the project is situated off New York Avenue and close to Interstate 395, placing it roughly 2 miles from downtown D.C. The eclectic Penn Quarter neighborhood, which encompasses numerous entertainment and cultural options, is located within walking distance. Closer still, the immediate vicinity comprises numerous retail and dining options, the property being less than a mile from Union Market and a short walk from Union Station.
The addition of OZMA falls into the strong supply pipeline that Washington, D.C., has been exhibiting, solidifying itself as one of the most dynamic and resilient multifamily markets in the nation. A total of 12,357 apartments came online across metro D.C. last year, placing it among the country’s top 10 markets for apartment deliveries.