WASHINGTON, D.C. — Ares Management Corp. and MRP Realty have finalized the land purchase and Phase I construction financing for a mixed-income residential development on the site of the current home of the District of Columbia Housing Authority (DCHA) in Washington, D.C. Arkansas-based Bank OZK provided acquisition and construction financing. Construction is slated to begin immediately, with Phase I delivery anticipated in 2024. The project is a joint venture between Ares Management Real Estate funds, MRP Realty, CSG Urban Partners and Taylor Adams Associates.
Located at 1133 N. Capitol Street NE in the city’s NoMa neighborhood, Phase I will comprise 430 multifamily units, including 86 affordable units. The multi-phased development will comprise an estimated 1,200 apartments, including a minimum of 244 affordable housing units, at least half of which will be reserved for residents earning 30 percent or less of the area median income.
Located two blocks west of the NoMa Metro station, the 0.8-acre plot will give DCHA funding to address its portfolio-wide capital needs and fund a much-needed new headquarters building that will serve DCHA staff and residents. DCHA’s headquarters will now move into the new WMATA headquarters building at 300 Seventh St. SW, where it will occupy 52,000 square feet on a 12-year lease. The DCHA’s Office of Public Safety will move to Douglas Development’s office building at 515 New York Ave.