• Mon. Nov 28th, 2022

Standard real estate investments to develop a $650 million mixed-use project in DC

ByWillie M. Evans

Oct 18, 2022

Standard Real Estate Investments will convert two existing shopping centers in northeast Washington, DC, into 1,500 residential units and 120,000 square feet of retail space.

WASHINGTON, DC – Standard Real Estate Investments LP, a national, minority-owned real estate investment and development company with offices in Washington, DC and Los Angeles, has purchased the Senator Square and East River Park shopping centers in the North East Washington DC The centers span 13 acres and are eligible and scheduled for a $650 million mixed-use redevelopment that will bring 1,500 residential units, including approximately 300 affordable housing units, and 120,000 square feet of commercial space in DC’s Northeast Heights neighborhood. The National Housing Trust is developing 110 of the project’s 300 affordable homes in a stand-alone building. The Black Economic Development Fund, which is managed by subsidiaries of Local Initiatives Support Corp., and Forbright Bank provided construction financing for the development. The site is located within walking distance of the Minnesota Avenue subway station and near a custom office project that Trammell Crow Co. is developing for the District of Columbia Department of General Services. The construction schedule for the development was not disclosed.