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Mount Vernon Triangle got the vital stats yesterday on the Steuart Company and Paradigm Companies’ plan for its property on 4th Street and New York Avenue, which they’re calling “Square 515” for now: 390 luxury apartment units in a 14-story building, scheduled to start construction in September. It’ll take a year to build and another year to lease out.
One thing it won’t have: Retail. The project is outside the Downtown Development Overlay District, which dictates that a certain percentage of a building’s first-floor frontage be devoted to commercial uses. “The properties that don’t fall within that guideline—they’re really not great retail sites,” the Steuart Companies’ Guy Steuart tells Housing Complex. Besides, he explains, potential retail tenants might balk at the lack of available parking, and a nightmarish pedestrian intersection that he calls “malfunction junction.” (One wonders whether people will want to live in a place where they wouldn’t want to shop, but we hear there’s a housing shortage, so perhaps they’ll make do).
The architect is Ellicot City-based Architecture Collaborative, which has done a bunch of stuff in the mid-Atlantic area, but not much in the District. Before shovels start, however, the development team needs to pull together $100 million in financing—still not the easiest thing to come by.