Washington Business Journal: Work Starts on Rhode Island Station in D.C.
May 18, 2010
D.C. Mayor Adrian Fenty on Tuesday broke ground on the 8.5-acre, $107 million Rhode Island Station development planned for a pair of existing parking lots at the Brentwood Metro station in Northeast D.C.
The mixed-use, transit-oriented project of Bethesda-based Urban Atlantic and Baltimore-based A & R Development Corp. will feature 274 residential units, 70,000 square feet of retail — 10 percent reserved for local businesses — a community center, two private parking garages for residents and a 215-space garage for Metro users.
Twenty percent of the residences will be reserved for households earning 60 percent of the area median income, according to a Fenty administration news release. The median household income in D.C. was $58,553 in 2008.
The project is the first in the nation to combine two types of federal funding: U.S. Department of Housing and Urban Development multi-family financing, and Department of the Treasury New Markets Tax Credit equity.
“Additional retail, community amenities, improved streetscape and overall revitalization are especially important at our transit-oriented locations,” said Valerie Santos, deputy mayor for planning and economic development. “We are pleased to help move this project forward.”
Santos hinted at the Rhode Island Station details during a March hearing before the D.C. Council’s economic development committee.
Bozzuto Construction will build the Rhode Island Station development, which will rise over Metro’s parking lot, and Asadoorian Retail Solutions will lease the retail portion when it delivers.