This currently-vacant 12-story highrise in Southeast, Washington, DC, will be redeveloped into 316 units of first rate, affordable housing. The development team of CPDC and Crawford Edgewood Management, Inc. plans to gut the existing building and reconfigure it into 181 one-bedroom apartments for low-income seniors and 135 one- and two-bedroom units for small families. Seniors will occupy the lower seven floors; families the top five.
Planned features of the community include open floor plans with modern kitchen and bath designs. Upgrades to the units include energy efficient heat-pump systems with individual controls, all wood cabinets, custom designer countertops, electric ranges, frost-free refrigerators, and disposals. In the bathrooms, wood vanities, with cultured marble tops, and ceramic tile bath surrounds will add to the new standard of living at Parkside. All units will also include high-speed internet/intranet access.
Each section of housing will also have features unique to the needs of the resident population. Seniors living at Parkside will have the added resources of a concierge desk and reading rooms/lounges on each floor, plus approximately 5,000 square feet of community space, including an exercise room, health-care suite, computer learning center, salon and sundries shop.
The family housing units will include convenience appliances in each unit, including hook-ups for full-size washers and dryers. Residents will also enjoy a secure entrance and separate elevator, controlled access parking, a community room/internet cafe, and a fully-equipped 24-hour exercise room.
Project Status
Initial Financing Secured The acquisition of the property was financed through the District of Columbia's new Site Acquisition Fund Initiative. The SAFI funds contributed $1.6 million toward the $4.5 million loan the developers received from Enterprise Community Loan Fund, part of one of the nation's leading providers of community development capital and expertise. The loan was sourced from the Enterprise Washington Preservation Loan Fund, a $20 million fund of private capital raised by Enterprise and dedicated to the preservation of affordable housing in the Washington area.
The now-vacant building will be secured against vandalism and held until the developers can close on the necessary financing, expected in mid 2007.
