News 4 Your Sunday & Adrian Washington

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Neighborhood Development Company Closes on Bowen Road SE Property for New 41-Unit Affordable Housing Project

Washington, D.C. – December 30, 2015 – Neighborhood Development Company (NDC) is excited to announce the acquisition and closing of construction financing for 2620 Bowen Road in Southeast DC. Funding will go towards the ground-up construction of a $13.5 million, 3-story work force rental project.

Today, the property is a vacant lot in the historic Anacostia community, one block from the Anacostia metro. 2620 Bowen Road will be a 41-unit rental project, and Neighborhood Development Company’s first affordable housing project in Southeast DC. The building is over 48,000 square feet and will include a parking garage, a courtyard, community room, and bike racks for residents. Units will range from one to three bedroom with sizes from 600 to 1,000 square feet. This project is priced for residents earning 45%-60% of area median income, a substantially-underserved cohort in Southeast DC.

“Giving residents with diverse incomes a chance to have a high-quality, well-designed living environment is critical to our vision at NDC. Introducing our first project in the Historic Anacostia neighborhood, a neighborhood where I grew up, adds an extra level of excitement,” said Adrian Washington, CEO & Founder, Neighborhood Development Company.

4100 Georgia Avenue NW and 3232 Georgia Avenue NW are both successful, mixed-use affordable housing projects that NDC has constructed from the ground-up. As a real estate developer, Neighborhood Development Company is known for its revitalization of the Georgia Avenue corridor.

“With the close of the acquisition and financing, NDC is taking a huge step in our next chapter of growth, and growth of the Historic Anacostia community,” said Juan Powell, COO & Principal, Neighborhood Development Company.

Debt funding for this project is sourced through Citi Community Capital and The DC Department of Housing and Community Development (DHCD). Equity funding is being provided by Boston Financial Investment Management, with tax exempt bond funding from the DC Housing Finance Agency (DCHFA). The architect for the project is EDG Architects LLC. Hamel Builders will serve as the general contractor for construction.

“Citi is committed to the Washington DC area and particularly pleased to have provided the financing for this project,” said Bryan Dickson, Director, Citi Community Capital. “We look forward to seeing these new affordable units become available to families in the Barry Farm neighborhood.”

The project is expected to break ground for construction in March 2016.

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DCHFA Invests in the Revitalization of Historic Anacostia

As published on www.realestaterama.com

The Agency raises funds for the construction of Bowen Flats, a 100 percent affordable apartment building coming to Ward 8. 

Washington, D.C. – December 23, 2015 – (RealEstateRama) — The District of Columbia Housing Finance Agency is closing out 2015 by funding another development in Southeast, Washington, D.C. The Agency finalized the issuance of $3.4 million in long term and $3.2 million in short term DCHFA tax exempt bonds for the construction of Bowen Flats.

The Agency’s investment in this new apartment complex also includes $5.1 million in low income housing tax credit equity (LIHTC). The financing of Bowen Flats furthers the Agency’s investment in affordable housing in Ward 8. There are currently eight DCHFA projects in development in Southeast, representing an additional $173 million in DCHFA bond debt and $344 million in total development activity. This includes two projects that are currently under construction. Additionally, 222 units in three projects were recently delivered representing $80.1 million in total development activity completed in the last four months. “Historically Ward 8 has been a hub for affordable housing,” said Maria K. Day-Marshall, Interim Executive Director, DCHFA. “This Agency is committed to ensuring that not only affordable housing continues to be available in Ward 8 but that quality housing is accessible for all residents at affordable rates.”

The Neighborhood Development Company is the principal developer of Bowen Flats, which will consist of 41 units of housing in a three story, newly constructed apartment building at 2620 Bowen Road, Southeast. The building will consist of one, two and three bedroom units. Twenty parking spaces will be provided to residents at no cost.

The project is located less than a mile from the Anacostia Metro station and near the Barry Farm neighborhood. Barry Farm is being redeveloped as part of the Office of the Deputy Mayor for Planning and Economic Development’s New Communities Initiative. The initiative was designed to revitalize severely distressed subsidized housing and redevelop neighborhoods into vibrant mixed-income communities.

Through its Public Finance division, DCHFA issues tax-exempt housing mortgage revenue bonds to lower the developers’ costs of acquiring, constructing and rehabilitating rental housing. The Agency offers private for-profit and non-profit developers low cost construction and permanent financing that supports the new construction, acquisition, and rehabilitation of affordable rental housing in the District.

The District of Columbia Housing Finance Agency was established in 1979 to stimulate and expand homeownership and rental housing opportunities in Washington, D.C. We accomplish our mission by offering below market rate mortgage loans to lower the homebuyers’ costs of purchasing homes and by issuing mortgage revenue bonds to lower the developers’ costs of acquiring, constructing and rehabilitating rental housing.

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A Year of Growth: NDC named a Fastest-Growing Company by Real Estate Forum Magazine

Washington, DC (Dec. 9, 2015) –- We are excited to announce to Neighborhood Development Company has been selected as a Fastest-Growing Company by the Editors of Real Estate Forum Magazine. NDC will be profiled in the December 2015 issue of Real Estate Forum magazine.

The rankings are based on methodology created by the editors of Real Estate Forum. Each firm received a score based on revenue and headcount growth over three years.

This is a prestigious honor for our company and we are proud of the personal achievement and successes of our employees. As a local real estate developer, we have achieved dramatic growth over the past three years and we’re excited to gain visibility.

About ALM’s Real Estate Media Group

What is it about our approach that sets us apart from the competition and year in and year out attracts a growing audience of executive-level decision makers? With more than 210,000 professionals across all markets, sectors, and business disciplines turning to the three outstanding brands (Real Estate Forum, GlobeSt.com and RealShare Conference Series) that compromise the ALM Real Estate Media Group as proof, the simple answer is we do more to earn your business. In fact, by virtue of our unique Print/Online/Events integrated business model, we do 3X MORE.

In 2013, ALM’s Real Estate Media Group will furnish more substance than ever before (more content, more experts, more interviews), provide more access (more targeted news alerts, more one-on-one opportunities), and supply your company with more options to influence your potential customers (more co-branded emails, more user-generated custom content).

Our success in the overly saturated and competitive world of commercial real estate is not by chance — we have carved out a leadership position that we have no intention of relinquishing. By providing more and delivering more, we attract more, and achieve more. For more information, visit almrealestatemediagroup.com.

 

 

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Washington SmartCEO Announces the 2016 Future 50 Award Winners

60 Greater Washington companies to be recognized for fast growth in
Washington SmartCEO’s Future 50 Awards program 

Washington, DC (Nov. 10, 2015) — Washington SmartCEO and Headline Sponsor The Capitol
Bay Group at Ameriprise Financial are pleased to announce the 2016 Future 50 Award winners.
The program recognizes the region’s 50 fastest-growing mid-sized companies and 10 small
Emerging Growth companies who have experienced outsized growth based on a combined threeyear
average of revenue and employee growth. The 2016 Future 50 winners collectively generate
$2.31 billion in annual revenue and employ 8,712 individuals in Greater Washington. This
impressive group will be recognized in the 2016 January/February issue of Washington
SmartCEO magazine and celebrated at a black-tie-optional awards ceremony on February 4,
2016 at the Hyatt Reston, Reston Town Center.

To share in the excitement leading up to the event, follow us @SmartCEO #Future50.

“Ask any CEO and they’ll tell you that leading a fast-growing company is one of the most
challenging and fun things an entrepreneur can do. Whether they’re just starting out or rapidly
trying to scale an established operation, this year’s Future 50 winners have executed their growth
visions year after year, created job opportunities and made our region a better place to work and
live,” says Jaime Nespor-Zawmon, President of SmartCEO Events. “There is nothing these
amazing entrepreneurs can’t do if they put their minds to it. We honor them for their unwavering
determination to rise above the rest and build the future of our region, our nation, and the world
at large.”

More than 550 local business executives and guests are expected to attend this year’s black-tieoptional
awards gala at the Hyatt Reston to celebrate the winners and their achievements. The
event will kick off with a cocktail reception and high-energy networking followed by a videopacked
awards ceremony and seated dinner. The evening and celebration will culminate with
dessert and additional networking.

About the Future 50 Awards
The Future 50 Awards program is the largest and most highly anticipated SmartCEO awards
program of the year. This program recognizes 50 of the region’s fastest growing mid-sized
companies and 10 small “Emerging Growth” companies. These companies represent the future
of the region’s economy and embody the entrepreneurial spirit critical for leadership and success.
The winners, chosen based on a three-year average of employee and revenue growth, are listed
alphabetically, not ranked. The winners are profiled in the January/February issue of SmartCEO
magazine and celebrated at a black-tie-optional awards ceremony in January.

About SmartCEO
SmartCEO’s mission is to educate and inspire the business community through its awardwinning
magazine, connections at C-level events and access to valuable online resources.
SmartCEO’s integrated media platforms reach decision makers in the Baltimore, New York,
Philadelphia and Washington, DC, metropolitan areas.

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Number One Latin Dance Studio in DC introduces its new home on Georgia Avenue with Groundbreaking Event

Washington, D.C. – Salsa With Silvia, the Largest Latin dance studio in DC, will be gathering on Monday, November 9, 2015 at 4:30pm, with Neighborhood Development Company to celebrate the commencement of construction with a groundbreaking event.

DETAILS:

  • Date: Monday, November 9, 2015
  • Time: 4:30pm EST
  • Location: 3232 Georgia Avenue NW | Suite 104 | Washington, DC 20010
  • Invitees: Salsa with Silvia employees and students, community supporters, and media

Special guests Brianne Nadeau, Council of the District of Columbia will be in attendance. Councilmember Nadeau, the Great Streets Small Business Grant program, and Neighborhood Development Company had an essential role in helping Salsa With Silvia provide continuous support to the local art community as well as contribute to the improvement of the greater streets of Washington, D.C. In 2015, the Great Streets Program awarded Salsa With Silvia with a grant in the amount of $85,000 for construction of its new location on Georgia Ave.

The space will feature 2,600 sq. ft. of dance floor, luxury lobby, office space, and bathrooms. The vision of Salsa With Silvia is to promote the continuity of art in the already diverse and vibrant Columbia Heights neighborhood. In addition to the studio dance class program, Silvia and her team of instructors and performers volunteer and participate in a number of local school, government, and TV events to teach and demonstrate the beauty and positive energy of Latin dancing. The studio has plans to launch an after school, weekend, and summer dance class program for children and teens to help them stay focused while learning about dance and music.

“After nearly a year of hard work in securing our new location and funding, making this dream a reality is a huge success for us and we look forward to providing the best dance and music education to children and adults in the community,” said Silvia Alexiev, Owner & Director.

Silvia’s dance career goes back decades. An artist to the core, she earned a B.A. degree in Graphics & Web Design and an M.A. in Film & Video. Thousands of students and followers agree that the Salsa With Silvia studio offers the best Latin dance class and entertainment experience in the DMV. Since 2011, Salsa With Silvia has generated an explosive student growth as well as a worldwide online following.

The new studio is set to open doors in the beginning of 2016.

“We are thrilled to welcome Salsa with Silvia to our community and look forward to the studio opening next spring,” said Adrian Washington, CEO & Founder, Neighborhood Development Company.

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Local leaders make way for new Gateway Mixed-Use Project on Route One

As published on www.mountrainiermd.org

October 13, 2015

Mount Rainier, MD – Prince George’s County officials and local leaders from the City of Mount Rainier will be gathering on Wednesday, October 14, 2015 at 10:30 am, with development partners Neighborhood Development Company and Streetsense to celebrate the demolition of the existing structure to make way for a $50 million mixed-use project at the Gateway to the City and the County. The Mount Rainier Gateway Project is now underway both officially and physically—marking the first phase of a mixed-use development that will anchor the City and County on the border with the District of Columbia.

“I am personally excited to see the project moving forward. It will be a tremendous improvement in the downtown area of Mount Rainier, and I am sure that our residents will be happy and proud of the new addition to the City,” said Mayor Malinda Miles.

EVENT DETAILS:

  • Date: Wednesday, October 14, 2015
  • Time: 10:30 am
  • Location: NE Rhode Island Av & NE Eastern Av Mount Rainier MD 20712
  • Demo Duration: October 13th – October 19th

The Mount Rainier Gateway Project is a planned mixed-use development on the border of Washington, DC and Prince George’s County. The assemblage is on the corner of Rhode Island Avenue and Eastern Avenue and is comprised of a city owned parcel of approximately 32,000 square feet and a privately owned parking lot of approximately 27,000 square feet. The project will include 185 apartments and 20,000 square feet of retail space.

The development will be built to meet LEED Gold Standards and uphold the sustainable culture of the Mount Rainier community. NDC and its partner, StreetSense, were awarded the project as a joint-venture development team by the City of Mount Rainier in November of 2012. Expected completion for this project is 2017. Following demolition, the project team will obtain all necessary entitlements for the development to occur. In addition, both the City and County will be providing financial assistance to the project and will commence on putting the required approvals in place to allow for this financing to occur.

The City Council of Mount Rainier unanimously approved the plan for The Mount Rainier Gateway Project on October 6, 2015.

“Revitalization has come slowly to the City. Construction on this site will be a significant improvement and hopefully will spur other economic development in our downtown area,” said Mayor Malinda Miles.

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Home Price Watch: Petworth, Where Prices Are Up 23 Percent

 

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NOTICE: NDC HAS MOVED….

 WE ARE MOVING…….

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NDC closes on Warder Street property in Park View

Washington, DC – Neighborhood Development Company (NDC) announced the closing of the 3542 Warder Street NW property this week. NDC plans to build a 12-unit condominium building that will feature 2BR to 3BR floorplans.

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