Washington Business Journal: Rhode Island Station Moves Forward
March 17, 2010
The District plans to finalize financing for Rhode Island Station, a transit-oriented mixed-use development near the Rhode Island Avenue Metro station, with A&R Development Corp. and Urban Atlantic, Deputy Mayor for Planning and Economic Development Valerie Santos told a D.C. Council committee Tuesday.
The developers of the $90 million-plus project, nearly a decade in the making, are expected to announce a ground breaking date in a month’s time.
Rhode Island Station is slated to deliver 274 apartments, 70,000 square feet of retail and three parking garages next to the Metro station in 2012. The development will likely receive funding and tax credits from a variety of public sources such as the Department of Housing and Urban Development and the New Markets Tax Credit Program from the Department of the Treasury.
Modeled after a Bethesda-like main street concept, the Lessard Urban Inc.-designed town center was originally proposed in 2001 and was the only proposal Metro considered for the site after issuing a request for proposals.
Bozzuto Construction is building the project, which will rise on Metro’s 8.5-acre parking lot and Asadoorian Retail Solutions will lease the retail portion when it delivers.
Bozzuto plans to break ground on another affordable apartment development in Northeast D.C. this summer — The Linda Joy and Kenneth Jay Pollin Memorial Community.
The 125-unit, $33 million project at Hayes Street and Anacostia Avenue secured financing from a mixture of public and private sources, including the District of Columbia Housing Authority, the Department of Housing and Community Development, the Pollin family and United Bank.