DC's NoMa neighborhood adds a $100M luxury apartment building

Dive Brief:

Underway in Washington, DC’s booming NoMa (North of Massachusetts Avenue) neighborhood is a $100 million, 318-unit luxury apartment development from Level 2 Development and Clark Enterprises with the recent addition of financing partner Federal Capital Partners, according to Multi-Housing News.
The 12-story Highline — inspired by the elevated park in New York City — will be designed to LEED Silver standards, with features including a green roof and a bio-retention facility. The first floor is expected to include 10,000 square feet of retail space.
Of the units, 4% will be reserved for households earning 80% or less of the local median income. The project also includes 13 townhomes to be constructed off-site for households earning 50% or less of the area’s median income.

Dive Insight:

Another day, another high-rise for the NoMa/Union Market neighborhood, one of the District’s current pockets of residential growth.

In December, Toll Brothers and AECOM Capital announced that they had snagged a $130 million construction loan to build a 525-unit luxury apartment in the neighborhood. That news followed the start of construction by Skanska on the first-phase of a three-building, mixed-use complex nearby.

The pickup in demand for housing in the District saw more than 14,800 units under construction or large-scale renovation as of August 2016, compared to 13,294 units a year earlier, the Washington, DC Economic Partnership and CBRE reported in November.

While many of the new developments in the neighborhood are upscale and targeted at young professionals, the city is also trying to incorporate a mix of buildings in the area following the recent opening of a $33 million apartment building in NoMa for homeless veterans.

It comes as the widening affordability gap in the District now sees it lead U.S. metros in the homelessness rate at more than double the national average, a recent report from the U.S. Conference of Mayors found.

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