Investor In New York's Hudson Yards Partners On D.C. Project With Eastbanc
Mitsui Fudosan, a Japanese investor with a major stake in New York's transformative Hudson Yards development, is making another move into the D.C. market.
The investor has partnered with Eastbanc for a $120M multifamily project in Adams Morgan, the Washington Business Journal reports.
The project will bring 176 multifamily units to the site of a parking lot next to the Scottish Rite Center at 2800 16th St. NW. Scottish Rite is also a partner on the project. The team hopes to break ground in early 2019.
Eastbanc has been planning the project for nearly a decade, but just closed on the acquisition of the site earlier this month for $10.3M. The development team retained famed British architect Grimshaw Partners to design the building.
Mitsui owns a controlling stake in The Homer Building and is an equity partner with Akridge at 1200 17th St. NW in Downtown D.C. and with Jefferson Apartment Group at 4000 Fairfax Drive in Ballston.
The building's units will average between 850 and 900 SF, and about 10% of them will be set aside as affordable. It will also have a courtyard, a rooftop pool, a fitness center, dining rooms and a residents-only café.
CORRECTION, MARCH 8 4:45 P.M. ET: The project will have about 10% of its units set aside as affordable. A previous version of this story misstated the proportion. The story has been updated.
