Mayor Adrian Fenty and Partners Celebrate Transformation of Landmark Southeast Property
Dilapidated High-Rise that Loomed Over Southeast Neighborhood Now Provides Innovative Affordable Housing and is a Cornerstone of Neighborhood Revitalization
Washington, D.C., September 18, 2009 — Marking a giant step in the revitalization of Ward 8’s Washington Highlands neighborhood, city officials, residents and community members today joined developer Community Preservation and Development Corporation (CPDC) and Crawford Edgewood Managers Inc. (CEMI) for the grand opening of The Overlook at Oxon Run.
A unique new, 316-unit development providing innovative, inter-generational housing to low-income seniors and moderate-income workers, The Overlook is designed to integrate affordable housing and resident services to meet the needs of seniors and working families. Built on the site of a 12-story high-rise, formerly known as Parkside Terrace, which was closed in 2005 because it was a major source of crime in this southeast neighborhood, today the Overlook offers extensive community amenities including gated security and resident services appropriate to each generation.
The building was rehabilitated and renovated through a partnership between the city, Community Preservation and Development Corporation (CPDC), Crawford Edgewood Managers Inc. (CEMI), Union Bank, Capital One Financial Corporation and other financial institutions. “The city’s investment in The Overlook highlights its commitment to affordable housing and to the revitalization of the Washington Highlands neighborhood,” said CPDC President and CEO J. Michael Pitchford. “CPDC and our partners are proud to bring top-quality, affordable homes to seniors and working families in this community.”
The $73 million project was financed in part through tax-exempt bonds issued by the DC Housing Finance Agency and purchased by Union Bank and through Low Income Housing Tax Credit equity provided by Capital One Bank. The DC Department of Housing and Community Development provided more than $20 million in gap financing. The District of Columbia financed the acquisition of the property using their new Site Acquisition Fund Initiative (SAFI), contributing $1.6 million toward a $4.5 million loan from Enterprise Community Loan Fund.
“At Capital One, we are proud to support this incredible development. This is a tremendous addition to Southeast Washington and it will provide much needed new and affordable housing options for working families and seniors in the Washington Highlands community,” said Dorothy Broadman, Head of Community Development Banking and Corporate CRA Officer, Capital One. “Whether it’s inside our local branches or out in the community, Capital One and Chevy Chase Bank are committed to investing in the District of Columbia and working with our partners to help this community grow and thrive.”
“Union Bank is proud to have partnered with Community Preservation and Development Corporation since 2006 to help make the transformation of this important property a reality,” said Ed Delany, Vice President at Union Bank and East Coast Regional Manager for its Community Development Finance Group. “Today’s opening of the Overlook at Oxon Run marks an important step forward in the revitalization of this community.”
The Overlook is ingeniously designed to meet the needs of seniors and families. Floors one through seven are dedicated to seniors, with 5,000 square feet of community space, including a health-care suite, convenience store, hair salon, computer lab, movie room, event room and laundry room plus TV/reading rooms at each level. Seniors have secure access to their portion of the building.
The top five floors are reserved for working families with exercise rooms or reading rooms on every floor. All of these apartments have full-size washers and dryers. Many have beautiful views of parkland and the nation’s capital.
Every apartment at The Overlook has brand new energy-star rated appliances, low-flow faucets and other energy-saving features as well as high-speed Internet access. All residents will have access to a three acres of green space with a walking path, tot lot and outdoor terrace area, a credit union with ATM service, access-controlled parking and other state-of-the-art security features.
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. The organization currently owns more than 4,000 dedicated affordable apartments within 26 communities, with resident engagement programs at many of its properties serving more than 9,000 residents. More about the company is available at www.cpdc.org.