Rhode Island Station breaks ground
Washington, D.C. Urban Atlantic and A&R Development Corp. said they have broken ground on Rhode Island Station, a $107 million public-private, mixed-use, transit-oriented development that will bring 274 Class A apartments, 70,000 sq. ft. of Main Street retail, and a new Metro commuter garage to the Rhode Island Avenue Metro Station in Northeast Washington, D.C.
Championed by Washington, D.C. Mayor Adrian M. Fenty and the District of Columbia City Council, Rhode Island Station is a precedent-setting public-private partnership that is the first mixed-use residential and retail development in the nation to combine U.S. Department of Housing and Urban Development multifamily financing with U.S. Department of the Treasury New Markets Tax Credit equity.
The project will create a 24/7 town center in the heart of the Rhode Island Avenue corridor on Metro’s Red Line. With its 70,000 sq. ft. of retail space, Rhode Island Station plans to build on the success of the adjacent Home Depot-Giant Foods shopping center with a mix of national and local restaurants, neighborhood convenience stores, and a satellite office of the District of Columbia Department of Motor Vehicles.
The developers designated 10% of the retail space to be leased to local businesses.
The transit-oriented project has been recognized for its smart growth and green design, including immediate access to public transportation, shared parking, walkability and connectivity, a green roof, and energy-efficient systems and building materials.
Construction is underway, with the Metro garage expected to open in the summer of 2011 and the retail and residential expected to begin opening in the spring of 2012.