Washington, D.C.–Rhode Island Row, a 274-unit apartment project in the midst of being developed by Urban Atlantic and A&R Development Corp. in Washington, D.C., recently grabbed the attention of the city’s Mayor, Vincent C. Gray, who visited the $107 million luxury residential project’s construction site on April 5.
“The mayor had just finished making a speech at the Urban Land Institute that focused on trends in development in the City, and noted this project and our commitment to local businesses with the use of CBE firms, or Certified Business Enterprises, which benefits the economy,” Vicki Davis, president of Urban Atlantic, tells MHN. Urban Atlantic will offer more than half the jobs resulting from the development of the apartment community to local residents.
Demand for luxury rental properties in Washington, D.C., is strong and getting stronger. “Demand is being spurred by Generation Y and growth in jobs in the D.C. metro area,” Davis says. “There is a whole generation of folks in their mid-20s and early-30s who have jobs and can afford market-rate rents, and want an apartment that is highly amenitized in an area with good transportation. It’s a lifestyle choice.”
Also of great appeal to the Gen Y crowd are sustainable features, and Rhode Island Row has plenty of them, including a green roof and an energy-efficient heating system. Additionally, supplementing the corner property’s upscale residences will be two private parking facilities, a Metro commuter garage and 27,000 square feet of retail space, which is sorely lacking in the area.
“The newer generation is so connected and one of the things we did in our research involved one of the D.C. blogs tracking our project,” she says. “We asked them to put out a blog about what retail people would like to have and the responses were about quality food, quality shopping opportunities, good services, like dry cleaning, and a white tablecloth restaurant.” Urban Atlantic is already in talks about securing such a restaurant for the retail space.
The amenities at Rhode Island Row will be just one factor that is expected to attract residents. There is always the vital issue of location, location, location with any development. “Approximately 11,000 pedestrians per day pass the site and one bus per minute goes by,” Davis notes.
The first segment of Rhode Island Row is on schedule to debut later this year.