Republic Properties Breaks Ground On The Portals Apartments After Landing $170M Loan
The first residential component of The Portals mixed-use development in Southwest D.C. is under construction.
Republic Properties Corp. secured a $170M loan and recently broke ground on Portals V, a 373-unit apartment building at 1331 Maryland Ave. SW, the Washington Business Journal reports.
The project will cost $220M and the building is expected to deliver in spring 2019. CapitalSource and Parse Capital provided the construction financing.
The 13-story building was designed by New York architect Robert A.M. Stern, the man who crafted JBG's downtown office building that is reportedly selling for a record $1,250/SF. It was originally designed to be 15 stories, but the developer reduced the plan by two stories to gain Commission of Fine Arts approval. Republic Properties also changed the plan from a mix of rental and condo units to a fully rental apartment building.
As the residential component moves full steam ahead, The Portals' existing office components are struggling. Lenders foreclosed in December on Portals 1, a 450K SF office building, which later sold at auction for $84M. Republic Properties is also losing its anchor tenant at Portals 2 after the General Services Administration decided last year to move the Federal Communications Commission to NoMa, a move Republic Properties is protesting in court.
