• Mon. Nov 28th, 2022

Standard Real Estate Investments Acquires DC Malls for $650M Redevelopment

ByWillie M. Evans

Oct 21, 2022

Standard Real Estate Investments, LP, a minority owned and controlled company, has acquired Senator Square and East River Park shopping centers in Washington, DC. Financing for the transaction was provided by the Black Economic Development Fund (managed by subsidiaries of the Local Initiatives Support Corporation) and Forbright Bank.

In total, the centers are eligible and scheduled for a $650 million mixed-use redevelopment offering 1,500 residential units, including approximately 300 affordable units, and 120,000 square feet of retail space serving the community. .

The 13-acre site located at the intersection of Minnesota Ave NE and Benning Road NE comprises the majority of the Northeast Heights master plan. Under Standard’s direction, Trammell Crow Company is currently developing a custom-built 257,000 square foot office building to house the new headquarters of the District of Columbia’s Department of General Services on the remainder of the master plan.

“These projects demonstrate not only our corporate philosophy of creating value in underinvested communities by bringing new economic activity, but also our strong commitment to the DC region for the long term,” said Jerome Nichols. , president of Standard.