D.C., EYA Close Financing For 171-Unit Fort Totten Development
A public-private partnership plans to begin construction early next month on a 171-unit mixed-use project in D.C.'s Fort Totten neighborhood.
Mayor Muriel Bowser's administration and EYA closed a financing deal for the Riggs Park Place project on a 4-acre site at the intersection of South Dakota Avenue and Riggs Road NE, the parties announced last week.
The partnership also includes JBG Smith, Paramount Development and EagleBank. EYA said the team plans to break ground in early July on the project's first phase, featuring 90 new townhouses.
EYA began the sales process for the Phase 1 townhouses May 27, and it said it has already sold 15 of the homes. The first phase includes five units designated as affordable, and the townhouses range from two-bedrooms to four.
The team aims to break ground within the next two years on the project's Phase 2, consisting of 81 senior housing units, with 30 of them set aside as affordable. The project will also feature 20K SF of retail.
“We are moving forward even in these uncertain times, because there is tremendous demand for high-quality, attainably priced new housing in the region," EYA Executive Vice President Aakash Thakkar said in a release. "The public-private nature of the project, its revitalization impact on the neighborhood, and its delivery of missing middle townhomes that address a broad demographic are all core tenets of our mission."
The project sits across the street from a Walmart-anchored mixed-use property, and it is within a half-mile of the Fort Totten Metro station, where the Red, Green and Yellow lines intersect. Also near the Fort Totten station, the Cafritz Foundation is working on Phase 2 of its Art Place development, featuring an Aldi grocery store, an art exhibition from Meow Wolf, a food hall and up to 250 apartments.
