National Capital Revitalization Corporation (NCRC) has released the 15,560 sq. ft. parcel of land located at the intersection of 14th Street and Florida Avenue NW to Jair Lynch Companies. Jair Lynch will begin construction on a $23 million condominium/retail project called Solea next month.
Solea will consist of 59 condominium units and 4,278 sq. ft. of ground-level retail.
The following is a press release from GlobeSt.com:
WASHINGTON, DC-Construction on a mixed-use project at 14th and Belmont streets is expected to begin next month now that National Capital Revitalization Corp. through its subsidiary RLA Revitalization Corp. has transferred the land to the project. The residential and retail project, called Solea, is being developed by Jair Lynch Cos./AHD Inc., an LSDBE or local small, disadvantaged business enterprise.
MacFarlane Partners has provided the equity for the project, and Wachovia is the construction lender. A NCRC spokeswoman declined to cite the specific level of funding the two institutions would provide. She tells GlobeSt.com that the project in its entirety - including the value of the land and construction costs - has been estimated to be $23.4 million. NCRC donated the land in exchange for a portion of the profits.
Solea will have 60,700 sf of residential space,comprised of 59 condominium units of which 22 will be dedicated to affordable or low- to moderate-income families. There will be 4,800 sf of retail space, half of which will be leased at a discounted rate to localretailers, Trade Secrets and Zawadi. The tenant of a third retail space has not been determined.
Architect Sorg and Associates and construction company Gilford Corp. in partnership with Hamel Builders are also on the development team.
Source: $23M Columbia Heights Development To Begin, GlobeSt.com
For additional information please visit the developer site: Solea - Jair Lynch Companies.
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