Washington Business Journal: Best Real Estate Deals of 2013 -- Multifamily Development
April 25, 2014
Winner: Monroe Street Market
Location: 625 Monroe St. NE, Washington
Size: 1 million square feet
Value: $230 million
Owner/developer: The Bozzuto Group
Co-developers: Pritzker Realty Group, Abdo Development
Monroe Street Market, scheduled to deliver fully in 2016, is a $230 million, multiphase development that will transform Catholic University’s south campus into a mixed-use community of 720 residences, 45 townhomes, 83,000 square feet of street-level retail, 15,000 square feet of artist studio space, a 3,000-square-foot community arts center and 850 parking spaces.
The first phase, the 152-unit Brookland Works apartment building, was completed last summer.
The market itself has landed six tenants so far, including Barnes & Noble, Busboys & Poets, Potbelly, &pizza and an independently owned restaurant from the team behind Meridian Pint. The apartment communities will feature 20,000 square feet of amenity space.
Plans for the Monroe Street Market took shape in 2008, when Catholic University partnered with Abdo Development to lead its 9-acre south campus project. Despite its Metro station, Brookland at the time was a risky venture for a modern, mega-development. And the recession didn’t help the project, but a big equity investment in 2010 from The Bozzuto Group and Pritzker Realty Group was the kick-start the development needed.
Ground was broken in November 2011. Today, Monroe Street Market is hailed as a harbinger of Brookland’s renaissance.
The market is located on five city blocks adjacent to the Brookland-CUA Metrorail station. It will ultimately consist of three buildings — Brookland Works, Portland Flats and Cornerstone — an arts walk, central fountain and 70-foot clock tower. Bozzuto will also complete the Metropolitan Branch Trail along the Metro tracks and beautify the Monroe Street Bridge.