WBJ: DC Council approves development deals [in Ward 7]
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Washington Business Journal article in full.
Excerpt:
Washington Business Journal - by Jonathan O’Connell Staff Reporter
The D.C. Council approved deals for three real estate projects east of the Anacostia River on Oct. 6, in an effort to continue improving neighborhoods — including some of the city’s poorest — during the credit crunch that has shut down private construction financing.
The biggest deal is for Bethesda-based Donatelli Development Inc.’s $78 million housing and retail project planned for the corner of Minnesota Avenue and Benning Road NE. The project includes 325 apartments available to people with an income 60 percent or below the area median, 45 market-rate townhomes and retail. Construction could begin in the first half of 2010.
Two other projects in the far eastern end of D.C. are setting the table for the city’s planned redevelopment of dilapidated public housing at Lincoln Heights and Richardson Dwellings.
In one, Denning Development LLC, Urban Matters Development Partners and Beulah Community Improvement Corp. will build 56 new homes on Eastern Avenue and Dix Street NE. The other is a $5.4 million office-retail redevelopment of the abandoned Strand Theater, for which D.C. will foot about 60 percent of the cost.
For more Congress Heights and River East news visit The Congress Heights Examiner website, http://www.examiner.com/x-13507-Congress-Heights-Community-Examiner
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Excerpt:
Washington Business Journal - by Jonathan O’Connell Staff Reporter
The D.C. Council approved deals for three real estate projects east of the Anacostia River on Oct. 6, in an effort to continue improving neighborhoods — including some of the city’s poorest — during the credit crunch that has shut down private construction financing.
The biggest deal is for Bethesda-based Donatelli Development Inc.’s $78 million housing and retail project planned for the corner of Minnesota Avenue and Benning Road NE. The project includes 325 apartments available to people with an income 60 percent or below the area median, 45 market-rate townhomes and retail. Construction could begin in the first half of 2010.
Two other projects in the far eastern end of D.C. are setting the table for the city’s planned redevelopment of dilapidated public housing at Lincoln Heights and Richardson Dwellings.
In one, Denning Development LLC, Urban Matters Development Partners and Beulah Community Improvement Corp. will build 56 new homes on Eastern Avenue and Dix Street NE. The other is a $5.4 million office-retail redevelopment of the abandoned Strand Theater, for which D.C. will foot about 60 percent of the cost.
For more Congress Heights and River East news visit The Congress Heights Examiner website, http://www.examiner.com/x-13507-Congress-Heights-Community-Examiner
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