Developer Plans Condo Project Across From Massive Rhode Island Avenue Development
The large-scale redevelopment of the Rhode Island Avenue Shopping Center is continuing to spark additional projects in the neighborhood.
Lock 7 Development is planning to break ground in the next few months on a four-story, 29-unit condo project at 2310-2312 Fourth St. NE, principal David Gorman told Bisnow.
The developer acquired the second of two parcels it is assembling for the site in a $1.1M deal posted Friday to the D.C. Recorder of Deeds. It acquired the first parcel in May for $925K.
The properties consist of one-story retail buildings that the developer plans to demolish. Capital Bank is financing the project and Square 134 Architects is designing it, Gorman said. He expects the project to deliver in Q1 2021.
The property sits less than a half-mile from the Rhode Island Avenue Metro station and directly across Fourth Street from MRP Realty's Bryant Street project.
MRP broke ground in July on the first phase of the project, a redevelopment of the Rhode Island Avenue Shopping Center. The first phase will feature 487 units, and the project is ultimately slated to include over 1,500 residential units and 250K SF of retail, anchored by an Alamo Drafthouse Cinema. Gorman said this retail will be attractive to prospective buyers of Lock 7's new project.
"We're always looking for smaller infill sites that benefit from much larger projects that are adjacent," Gorman said. "We thought this was a good opportunity to capture some of the momentum that's happening in the neighborhood because of the huge, transformational project across the street."
The project would be the second new condo building to break ground this year next door to the Bryant Street development. Capital City Real Estate began construction in April on a 74-unit condo building at 410 Rhode Island Ave. NE. The deals represent a continued shift of D.C.'s condo market to the northeast, with additional projects underway in NoMa and the H Street corridor.
Gorman said he has experience with successful condo projects in the area. Lock 7 recently completed the 11-unit condo building at 3614 12th St. NE in Brookland.
"We were really impressed by how much demand there was in that submarket, so we were looking to do more in the area," Gorman said.
