The Neighborhood Development Company Announces Closing of Financing on “The Heights on Georgia Avenue”
WASHINGTON, DC – December 23 2011 – The Neighborhood Development Company (NDC) announces the closing of financing for “The Heights on Georgia Avenue”. The project is being jointly developed by NDC and Mi Casa, Inc. The Heights will be a 69 unit rental housing building and will be located at 3232 Georgia Avenue, N.W. in Washington, DC at the corner of Georgia Avenue and Lamont Street. This striking new 95,000 square foot building, which mixes traditional architecture and contemporary design elements, will contain a mixture of one bedroom, two bedroom and three bedroom units.
In addition to bringing new rental housing to the community, the first floor of the building will contain over 10,000 square feet of neighborhood serving retail.
The project came to fruition due to the collective efforts of many parties. Financial partners for the project were the District of Columbia Housing Finance Agency (DCHFA), the District of Columbia’s Department of Housing and Community Development (DHCD), the Deputy Mayor’s office for Planning and Economic Development (DMPED), Citi Community Capital (Citibank), Wells Fargo Affordable Housing Community Development Corporation and Enterprise Community Loan Fund.
Key members of the development team include Grimm + Parker Architects, Dantes Partners (Financial Consultant), Hamel Builders, Inc. (General Contractor), Klein Hornig LLP (Legal), Holland & Knight LLP (Legal) and Answer Title.
Adrian Washington, Founder and Principal of NDC, said: “NDC is proud of the role we have played in the revitalization of the Georgia Avenue corridor, and The Heights is a shining example of what can be accomplished when the private sector works hand in hand with the community and the District government to move neighborhoods forward.”
On site construction will begin in January 2012. A ground breaking ceremony is forthcoming where District of Columbia Mayor Vincent Gray and District Ward 1 Councilmember Jim Graham will be special invited guests.
About the Company
The Neighborhood Development Company (NDC) www.neighborhooddevelopment.com is a unique real estate development company that focuses on the revitalization of emerging urban neighborhoods. The company’s mission is to create exciting residential and commercial properties that advance the revitalization of urban neighborhoods while respecting the rich diversity of their existing fabric. Founded in 1999, the company has completed the development of over 450,000 square feet of real estate, with another 500,000 square feet in the development pipeline, and is a joint venture participant in other projects representing nearly $2 billion in investment. NDC has led the revitalization of the District’s vital Georgia Avenue corridor, with over 400 housing units constructed or under development in this area. NDC has received numerous awards and has been recognized in numerous national and local publications and has been twice listed as a member of Black Enterprises’ “BE 100.”