SILVER SPRING, MD. (November 1, 2017) – Leading Washington not-for-profit real estate developer Community Preservation and Development Corporation (CPDC) has secured $18 million in financing to preserve the Fort Stevens Place Apartments, which includes 59 residential affordable housing units in the Brightwood neighborhood of Northwest Washington, D.C.
Fort Stevens Place Apartments was approaching the end of its compliance and useful life in Ward 4 and was at risk of loss in the rapidly gentrifying Brightwood neighborhood. CPDC is able to renovate the property and preserve affordable housing in the District of Columbia in partnership with Harkins Builders and Miner Feinstein Architects. The renovation is expected to significantly enhance the livability and efficiency of the 59 residential units.
“The preservation of afforadable housing in Washington has never been more important,” said CPDC President Michael Pitchford. “District neighborhoods flourish when safe, modern housing options are available for working families of all socio-economic backgrounds. We are proud to help keep the Brightwood neighborhood growing and thriving with the renovation of Fort Stevens.”
The renovation efforts to preserve Fort Stevens Place 1950s architecture are substantial, including full electrical, plumbing and mechanical upgrades for the entire building. Individual units will also receive new kitchens and baths, roof and window replacements. The building will also see an updated HVAC system, electric units, and landscaping. The construction scope ensures safety and energy efficiency throughout the building, and will surpass Green Communities 2015 standards with improvements to building wide energy use and tightening of the overall envelope.
Restoring the efficiency and affordability of 59 residential units of affordable housing in Washington, D.C. assures current residents that they are the priority of this community. The renovation will create an on-site management office and community center to improve the day-to-day lives of all residents who live at Fort Stevens Place. Current residents have expressed excitement towards this effort.
“The most gratifying part of this program will be the look on the faces of the residents as they walk through their new front door,” said Pitchford. “Our team cannot wait to get started on this project and create that moment for them.”
A premier developer of affordable housing in Washington, D.C., Maryland and Virginia, Community Preservation and Development Corporation (CPDC) works to develop vibrant communities through innovation and partnership. Specializing in the acquisition, redevelopment, and operation of affordable housing for low- and moderate-income individuals and families, CPDC owns over 4,500 dedicated affordable apartments within more than 25 communities, with resident engagement programs at many of its properties serving more than 9,000 residents.
Jamie Rose, Momenta Creative