Washington, D.C. Urban Atlantic and A&R Development Corp. announced Tuesday that, after nearly a decade of planning, a public-private partnership has closed $107 million in financing for the development of Rhode Island Station, a transit-oriented smart-growth mixed-use project at the Rhode Island Avenue Metro Station in Washington, D.C.
Ground will be broken shortly, according to the companies.
The development 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.
It 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.
“We are pleased to see this smart-growth transit-oriented development move forward after many years of planning,” said Valerie-Joy Santos, Deputy Mayor for Planning and Economic Development. “Rhode Island Station will bring residents, shopping opportunities, and vitality to the city’s newest Great Streets Corridor.”
In order to ensure that community retailers are included in this opportunity, the developers designated 10% of the retail to be leased to local entrepreneurs. Approximately 25% of the space is under commitment prior to construction.