Mill Creek Acquires Former Italian Embassy Building
Historically Conscious Redevelopment To Result in New Apartment Homes
Jun 30, 2015, 08:03 ET
WASHINGTON, June 30, 2015 /PRNewswire/ -- Mill Creek Residential, a leading multifamily developer, investor and operator specializing in premier apartment communities across the U.S., today announced the acquisition of the former Italian Embassy, which it plans to convert into luxury apartment homes.
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Mill Creek will preserve the history of the venerable building, located at 2700 16th Street NW, in a community that will add needed apartment housing to one of Washington D.C.'s most prominent submarkets. The building, which features Neo-Renaissance architecture, was originally completed in 1925 and served as the diplomatic mission of the Italian Republic to the United States until 2002. The new chancery is located about two miles away at 3000 Whitehaven Street. Whitney Warren and Charles D. Wetmore designed the original building, a tandem whose work also includes Grand Central Terminal in New York.
"This is one of the most desirable pieces of real estate in the DC metro region, and the Italian Embassy project represents a unique opportunity to create a high-profile community in the District's most in-demand submarket," said Sean Caldwell, senior managing director of the Mid-Atlantic Region for Mill Creek Residential. "The residences at the Italian Embassy will offer a level of prominence and prestige that we believe will offer significant value for our residents and our investors."
Mill Creek Residential's designs for redevelopment will aim to satisfy the guidelines set forth by the Historic Preservation Review Board, and Mill Creek tentatively aims to begin construction on the community in 2016. Plans are to renovate the existing building as well as construct a nine-story high-rise with two levels of below-grade parking. The existing Embassy building will offer a limited number of apartment homes to complement the larger high-rise.
The community will consist of studio, 1-, 2- and 3-bedroom apartment homes that feature premium high-tech and high-end features. To preserve the boutique appeal of the Italian Embassy, the community's amenities will be designed with a European cosmopolitan aesthetic. Included will be a resident clubhouse, business center, rooftop terrace, club-quality fitness center and landscaped outdoor terraces.
"The outdoor private terraces and courtyards will be very distinctive to a downtown DC apartment community," said Joe Muffler, development associate for Mill Creek Residential. "The preservation of the Embassy and its incredible historic spaces, combined with the addition of modern luxurious amenities, will create a truly unique living environment in the District."
The Italian Embassy is situated in close proximity to Adams Morgan and the U Street Corridor, the latter of which is Washington D.C.'s fastest-growing submarket, featuring a Metro area-leading 7.4 percent rent growth in 2014, according to Delta Associates. The walkable area is home to an eclectic mix of restaurants, bars and retail shops with a variety of nightlife and cultural options.
16th Street NW is one of the city's few authentic north-south roads, which will provide residents expedient access to K Street in downtown, the Capital Beltway, and Silver Spring, the Maryland-based business hub at the northernmost portion of the metro area. The site is bordered by 16th Street to the East, Fuller Street to the South and Mozart Street to the West.
Mill Creek owns and operates 2,671 apartment homes in the Washington, D.C. metropolitan area and has begun construction on more than 1,400 additional apartments, not including the Italian Embassy project.
About Mill Creek Residential
Mill Creek Residential Trust LLC is a national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. The company proactively pursues development, acquisition and construction opportunities through its seasoned team of real estate professionals in 14 offices across the United States. Mill Creek is building its portfolio in many of the nation's most desirable apartment markets in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Washington, D.C., New Jersey, New York, and Boston. Currently, the company's portfolio comprises 29 communities representing nearly 13,000 apartment homes that are operating, under construction or in planning. For more information, please visit www.MillCreekPlaces.com.
Media Contact
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SOURCE Mill Creek Residential Trust LLC