Monument Realty Plans 310-Unit NoMa Development
Monument Realty is competing with several developers to build on a D.C.-owned NoMa site, but it is already moving forward with a project next door.
The developer Friday closed on the purchase of 40 Patterson St. NE, buying it in an all-cash transaction for $12.5M from an affiliate of the Choi Cos. Wednesday, Monument announced it plans to build a 310-unit apartment building on the site.
The site, about two blocks from the NoMa Metro station, will be Monument's first project in the fast-developing neighborhood. The developer is working with KGD Architecture and Hartman Design Group on the project.
The building is designed to include 310 apartments ranging from studios to three-bedroom units. It would have 10K SF of amenity space, such as a rooftop playground, a fitness club and a pet park. Monument plans to break ground in fall 2019 and said construction will take 23 months.
"We’re excited to bring Monument Realty’s high standards for apartment design and development to 40 Patterson St. where we fully intend to elevate the already established elaborate apartment offerings in NoMa,” Monument Realty founder Michael Darby said in a release.
Monument is one of six developers competing to build on D.C.'s 2 Patterson St. NE site, which is directly adjacent to the project it is planning. Its proposal for 2 Patterson, in partnership with Morningstar Community Development, The May Firm and CHP, calls for over 400 units including a mix of apartments and condos, a Cove coworking space on the ground floor and additional retail.
