This Week's D.C. Deal Sheet

The National Capital Planning Commission gave its stamp of approval for the final site plans of the 11th Street Bridge Park, bringing the major D.C. infrastructure project one step closer to fruition.

The bridge, spanning the Anacostia River, is designed to connect Navy Yard to Anacostia Park once completed via 1.2 acres of trail and landscaped area, potentially bringing the waterfront's wave of development to historically underserved parts of D.C.

It would sit atop piers from the former 11th Street Bridge, which was replaced by a new roadway in 2012. It would also complement the new Frederick Douglass Memorial Bridge, which connects Buzzard Point to the Hillsdale area just west of the Anacostia Metro station.

The new park would feature a café and community center in addition to outdoor public gathering spaces. Nonprofit Building Bridges Across the River, which has helped facilitate the park's creation, has also partnered with organizations like the Douglass Community Land Trust to acquire land and preserve housing affordability for communities situated east of the bridge's landing.

"I commend everyone involved and especially Building Bridges Across the River for their passion and persistence in seeing this project through,” NCPC Chair Beth White said in a statement. “The park design is very innovative, and it is a public space that will better connect the communities on both sides of the Anacostia River. I am certain that this will be a space for everyone to enjoy and come together.”

Some hurdles still remain for the park to surpass. Following NCPC's approval, the park's backers will meet with the D.C. Department of Energy and Environment to mitigate impacts related to pier dredging and the wetlands along the river. If substantial design changes are made through that engagement, the park will have to be resubmitted to NCPC.

SALES

ShopOne Centers REIT and joint venture partner Pantheon entered Virginia with the acquisition of a 74K SF shopping center in Woodbridge for an undisclosed price, the firms announced this week. Lake Ridge Commons, located along Old Bridge Road, has been anchored by a Giant grocery store since 1987, according to a press release. The shopping center also features a Banfield Pet Hospital and YogaSix.

LEASES

The Financial Industry Regulatory Authority signed a new lease for 68K SF at 1700 K St. NW, according to Q3 market reports from multiple brokerage firms. The securities industry's regulatory authority has been located at 1735 K St. NW since its inception, but sold the building last year in preparation for the move, the Washington Business Journal reported. Beacon Capital Partners acquired the former space in a $16.5M sale-leaseback deal in December. FINRA's new digs across the street from Farragut Square are managed by JBG Smith.

MILESTONES

LCOR began lease-up of its 306-unit Sage residential complex in National Landing this week, with move-ins expected this fall. The 20-story property, located at 480 11th Street South, includes studios through two-bedrooms and amenities like a roof deck, fitness center, pet spa and library equipped with tech pods. The property is LCOR's fourth in Virginia, including Altaire, Kingston and The Commons of McLean, according to a press release.

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An Anacostia apartment community backed by UnitedHealthcare and the D.C. Department of Housing and Community Development welcomed back residents this month. Tenants in the 100-unit Anacostia Gardens, located at 3600 Ely Place SE, went through the TOPA process and selected The NHP Foundation to redevelop the site. Improvements included substantial interior unit replacements and upgrades, enhanced common areas, repairs to exterior sidewalks, roofing and the addition of solar panels.

The National Affordable Housing Trust provided equity for the project, which was raised from an $8M low-income housing tax credit investment from UnitedHealthcare. DHCD also provided nearly $10M through a Housing Production Trust Fund gap financing loan, and the D.C. Housing Finance Agency issued tax-exempt bond financing. R4 Capital also provided senior tax-exempt bond debt. 

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The redevelopment of the Bond Bread Factory and Washington Railway & Electric Co. garage took a key step forward last week, and now the developers to break ground by late next year, Bisnow reported on Tuesday. The project would substantially preserve the two historic structures while adding 469 residential units, a 180-key hotel and more than 50K SF of retail.

The project also includes a 20K SF central public courtyard incorporating historic features. The Bond Partnership — consisting of Fivesquares Development, The Menkiti Group and EDENS — got the green light from the Historic Preservation Review Board after a lengthy public engagement process, bringing a long-dormant block owned by Howard University one step closer to redevelopment. 

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D.C. Mayor Muriel Bowser was on hand to cut the ribbon on the Cedar Hill Urgent Care Center in Anacostia Friday morning. The $1.8M urgent care facility operated by Universal Health Services in partnership with GW Health is scheduled to open Monday and become the first such facility in Ward 8. Located at 2228 Martin Luther King Jr. Avenue SE, the urgent care center is expected to be integrated with the $375M Cedar Hill Regional Medical Center on the St. Elizabeths East campus when it opens, which is slated for early 2025.

PERSONNEL

Capital One hired Mark Dellonte, former senior managing director at Berkadia, to lead its Federal Housing Administration lending business. In his new role, Dellonte will help expand the lending team as well as develop new products and work across Capital One to source new loan volume, according to a press release. Prior to his time at Berkadia, Dellonte spent 12 years as president and CEO of Love Funding Corp.

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D.C.'s Department of Buildings, one of two agencies to come out of the split of the Department of Consumer & Regulatory Affairs, began operations Oct. 1 with former DCRA head Ernest Chrappah at the helm. The new agency, which launched with roughly a quarter of its positions unfilled, oversees permitting, inspections and code enforcement related to the built environment.

The other agency spawned by DCRA's breakup, the Department of Licensing and Consumer Protection, is led by former DCRA Deputy Director Shirley Kwan-Hui. That agency handles business licensing, corporate registrations and filings, and other functions, Bisnow reported Monday.