Development Begins on CityMarket at O
WI Web Staff Report | 11/21/2011, 4:34 p.m.
$300M HUD Project, Fast-tracked by President Obama
WASHINGTON, D.C. -- Roadside Development, the community-focused D.C.-based real estate firm, along with Mayor Vincent Gray, assistant HUD Secretary and Federal Housing Administration (FHA) Commissioner Carol Galante, and District Congresswoman Eleanor Holmes Norton, have officially acknowledged the commencement of work on CityMarket at O, a 1-million square-foot mixed-use development located in the historic Shaw neighborhood in Northwest.
CityMarket at O - for which the city will invest $37.5 million through a grant and TIF proceeds -- is one of 14 infrastructure projects across the country selected by the Obama administration to be expedited through the permitting and environmental review process The project is expected to generate more than 2,400 jobs and attract some 1,000 new residents to Shaw. The development will include retail and restaurants, a 182-room Cambria Suites hotel, over 500 vehicle parking spaces, 300+ indoor bike parking stalls, and a 270-linear-foot rooftop dog park.
"CityMarket at O will enhance the quality of life in Shaw and act as a bridge from this historic neighborhood to Downtown, Gallery Place, the U Street Corridor and Howard University," said Richard Lake, one of the three partners for Roadside Development. "This two block development will also help create an enhanced environment for the Convention Center and the surrounding neighborhood."
The development, a landmark project for Housing Urban Development (HUD), is the only mixed-use effort to be fast-tracked for funding by the Obama administration. The project will also include the restoration of the historic 1881 O Street Market Building.
Like Eastern Market in Capitol Hill, the building was one of the five original brick market buildings in Washington. 1881 O Street will be restored to house a flagship 72,000-square-foot Giant Food supermarket, with construction slated for completion by summer 2013. The 182-room hotel and 401 units of market rate rental housing will open in early fall 2013 and an 84-unit affordable senior housing building and 150-unit condominium will be delivered by fall 2014.
"This is a project that is long overdue," said Armond Spikell, another partner of Roadside Development. "We have worked with the city and the community to restore the historic facade and combine it with urban amenities, featuring residences, retail shops and a hotel. CityMarket at O is centrally located near the Shaw/Howard University Metro stop, a convenience that will allow residents, visitors and employees to have easy access to public transportation. This will be a walkable community."
Roadside Development has developed properties in Washington, D.C., Maryland and Virginia for more than 13 years and has been an active community partner in Shaw since acquiring the property in 2001.
For more information on Roadside, visit www.RoadsideDevelopment.com.