New Mixed Use Apartment Community in Petworth Tops Out its Superstructure:
Washington, D.C. (July 9, 2010) – JAIR LYNCH Development Partners and AHD, Inc. announced today the topping out of the superstructure on Georgia Commons, a new mixed-use project with 130 apartments above a 28,000 neighborhood health center at 3910 Georgia Ave NW in the historic Petworth neighborhood of Washington, D.C.
“Topping out this complex mixed use project represents what it will take to develop new quality housing product in these challenging economic times. This project will be 5 stories of housing over a commercial first floor with underground parking. The structure utilizes a light gauged steel frame that is economical and green at the same time” said co developer and architect, Don Tucker.
“Signing and hoisting the last piece of steel in to place on this mixed use project in this emerging neighborhood is a sign of great progress and we look forward to the ribbon cutting next spring. We have job growth in the District plus great neighborhoods and thus we need new attractive affordable housing for people making $40 – 60,000 a year” said co developer, Jair Lynch.
This project was the only new construction bond transaction in 2009 financed by the DC Housing Finance Agency. Other financing partners for the housing component of the project include Deutsche Bank, Bank of America/Merrill Lynch, the DC Office of the Deputy Mayor for Planning and Economic Development and the DC Department of Housing and Community Development. Stratford Capital Group provided the affordable housing tax credit equity investment and is a general partner in the project.
A significant component of the project is a new 28,000 square foot state-of-the-art neighborhood health center, with underground client parking, for Mary’s Center for Maternal and Child Care, which already has three locations in the Metropolitan Area. Financing for Mary’s Center was provided by the DC Primary Care Association as part of its Medical Homes DC Initiative, a public-private partnership with the DC Department of Health.
Georgia Commons is located one block north of the Georgia Ave-Petworth Metro station in a vibrant, transit-oriented neighborhood. The project is a member of the LEED® for Neighborhood Development Pilot Program and is currently planned to achieve a LEED® Gold certification. The $42 Million project will be completed in the spring of 2011.
