WASHINGTON, Nov. 14, 2011 /PRNewswire/ -- Roadside Development, the community-focused Washington, D.C.-based real estate development firm, along with Mayor Vincent Gray, Acting Assistant HUD secretary and Federal Housing Administration (FHA) Commissioner Carol Galante, and District of Columbia Congresswoman Eleanor Holmes Norton, will officially commemorate the commencement of work on CityMarket at O, a one-million square-foot mixed-use development in the historic Shaw neighborhood at 7th and O streets NW on Friday, November 18th at 10 am.
CityMarket at O is one of 14 infrastructure projects around the country selected by the Obama administration to be expedited through the permitting and environmental review process (http://www.whitehouse.gov/the-press-office/2011/10/11/obama-administration-announces-selection-14-infrastructure-projects-be-e). The project will generate over 2400 jobs.
The development project, a landmark project for Housing Urban Development (HUD), is the only mixed-use development (and non-infrastructure project) to be fast-tracked for funding by the Obama administration. A key component in the revitalization of the Shaw neighborhood, CityMarket at O will boast 635 residential units, 84 of which are set aside for seniors which will also be affordable, 401 market-rate apartments, and 150 high-end condominiums.
The event will include a dramatic start of construction: the demolition of one of the walls of the former Giant grocery store. This project will include the restoration of the historic 1881 O Street Market Building. Like Eastern Market in Capitol Hill, the building was one of the five original brick market buildings in Washington. 1881 O Street will be restored to house a flagship 72,000-square-foot Giant Food supermarket. The development will also include retail and restaurants, a 182-room Cambria Suites hotel, over 500 vehicle parking spaces, 300+ indoor bike parking stalls, and a 270-linear-foot rooftop dog park.
CityMarket at O is estimated to bring 1,000 new residents to the Shaw neighborhood. Over 2400 jobs will be created, from construction jobs to factory jobs and permanent jobs on site. This does not include jobs that will be generated by the local economic activity brought to the Shaw community by CityMarket at O.
Construction on the Giant Food supermarket is slated to be complete Summer 2013. The 182-room hotel and 401 units of market rate rental housing will open in early fall 2013. Completing the project, the 84-unit affordable senior housing building and 150-unit condominium will be delivered in fall 2014.
"CityMarket at O will enhance the quality of life in Shaw and act as a bridge from this historic neighborhood to Downtown, Gallery Place, the U Street Corridor and Howard University," said Richard Lake, one of the three partners of Roadside Development. "This two block development will also help create an enhanced environment for the Convention Center and the surrounding neighborhood."
"This is a project that is long overdue," said Armond Spikell, another partner of Roadside Development. "We have worked with the city and the community to restore the historic façade and combine it with urban amenities, featuring residences, retail shops and a hotel. CityMarket at O is centrally located near the Shaw/Howard University Metro stop, a convenience that will allow residents, visitors and employees to have easy access to public transportation. This will be a walkable community."
Roadside Development has developed properties in Washington, D.C., Maryland and Virginia for more than 13 years. Roadside has been an active community partner in Shaw since acquiring the property in 2001. As a result of its work with the residents, CityMarket at O had one hundred percent support by the community through the historic preservation and zoning processes.
"Roadside's unique experience and in-depth market knowledge, creativity and flexibility is the driving force behind our ability to secure prime opportunities and craft them into unique, vibrant places to learn, live, work, and shop," said Todd Weiss, a partner. "We have a vested interest in the quality of life of the residents of Shaw and the Washington, D.C. area."
Bernstein Management Corporation, which owns and manages 75 properties in the Washington DC area, teamed up with Roadside as a long-term investment partner in the project. "The capabilities of the Roadside team, the quality of the grocery anchor and the potential for this site present a unique opportunity to be a part of shaping the growth of our City," explained Joshua Bernstein, President of Bernstein Management.
In addition to Bernstein Management Corporation, Roadside Development has teamed up with the District, Giant Good and DC Regional Center and EB5 Capital, all of which have made a significant financial contribution to the success of this development. The city will invest $37.5 million through a grant and TIF proceeds. Without the city's investment, this project, with its creative and innovative design, would not be a reality. Other team members include Clark Construction, Bozzuto Management, Shalom Baranes and Associates, Concord Hospitality and Choice Hotels.
About Roadside Development
Roadside Development ("Roadside") is a Washington D.C.-based development company, formed more than 13 years ago by Richard Lake, Armond Spikell and Todd Weiss. The company focuses on the creation of retail and mixed-use environments. As one of the leading experts on retail real estate in the Washington metro region, Roadside has acquired, developed, constructed, leased and managed more than 8.5 million square feet of mixed-use and retail projects, including 16 grocery-anchored centers. Roadside has completed or is currently developing a number of urban and suburban projects that demonstrate its talent in developing community-oriented projects, including Cityline at Tenley, CityMarket at Glebe, Stonebridge at Potomac TownCenter, The Village College Park and the Purcellville Gateway. For more information on Roadside, visit www.RoadsideDevelopment.com.
SOURCE Roadside Development