Senin, 21 Mei 2012

Equity Residential's Mt. Vernon Triangle Project Set to Break Ground

Equity Residential's mixed-use redevelopment encompassing several historic properties at 443-459 Eye Street NW is set to begin construction this summer.

"We're looking at an August groundbreaking," said Greg WhiteVice President of Development at Chicago-based megadeveloper Equity Residential. "We're working with Clark Construction, and finalizing construction documents now.  We hope to deliver first units in a little less than two years; the summer of 2014."

Once touted by former owner Walnut Street Development as Eye Street Lofts, Equity Residential purchased the property for $5.1 million in April of last year and, with HPRB approval for the plans secured since 2006, advanced the project swiftly.

The design, by Hickock Cole Architects, preserves the two 1880s-era historic rowhouses on the lots (as mandated by law), and incorporates the also-historically-designated industrial buildings, while erecting two additional residential towers directly adjacent.  When complete, it will offer 165,000 square feet of residential space and just over 2000 square feet of ground floor retail.

"It was originally conceived as 162 units, but the plans have been increased to 174 units," White said.  "Architecturally, it's a little old, a little new; you have the historic rowhouses, and then a different type of high-rise on top, and a new one to the side. We're blending it all together to make it work."

The site was formerly the home of Gold Leaf Studios, an artists' space, and an auto body shop housed in a former blacksmith's shop. Another building on the parcels, which was leased by BicycleSPACE, is marked for demolition.

Washington D.C. real estate development news

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