CPDC’s Turning Point (2005 – 2010)
Tribute #8 – Our Portfolio: Strengthening the Real Estate Development Pipeline
Between the 1989 and 2004, CPDC acquired 18 properties, redeveloped 11, and was constantly looking for new real estate opportunities to strengthen its pipeline. In 2005, CPDC added adaptive reuse as an area of expertise after the successful redevelopment of the Residences at Wiley H. Bates Heritage Park. From 2005 – 2010, CPDC added four additional properties to its pipeline: Mayfair Mansions, The Overlook at Oxon Run, Howard Hill, and Wheeler Terrace.
Mayfair Mansions (acquired 2006)
Mayfair Mansions boast an important role in the history of the District’s African American community. Originally completed in 1946, it is one of the city’s earliest garden apartment complexes and one of the first conceived and designed for working- and middle-class African American residents in the District. It has been placed on the District of Columbia Register of Historic Sites and the National Register of Historic Places. CPDC’s substantial rehabilitation of the property in 2009 included a host of significant improvements while preserving the architecture and other historic features. Learn more about Mayfair Mansions.
The Overlook at Oxon Run (acquired 2006)
CPDC’s completion of the gut rehabilitation of The Overlook at Oxon Run (previously Parkside Terrace) in 2010 served as a catalyst to the redevelopment of the Washington Highlands neighborhood of Ward 8 in DC. The Overlook at Oxon Run provides 316 one- and two-bedroom units of first rate affordable housing, including 181 units on the first seven floors for low-income seniors and 135 units on the top five floors for small families, as well as complementary space for community and resident services. The senior units receive rental assistance from the DC Housing Authority. Learn more about The Overlook at Oxon Run.
Howard Hill (acquired 2006)
Howard Hill is a 43-unit, four-building, garden-style property located in Southeast Washington within walking distance to the Anacostia Metro station. Originally built in the early 1960s as market-rate housing, by the mid 1990’s Howard Hill was badly in need of renovation and had more than 50% vacancy. The owner needed to sell and approached Jubilee Enterprise of Greater Washington, an affordable housing developer focused on southeast Washington. Jubilee Enterprise transferred ownership of Howard Hill to CPDC in February 2006 as part of an acquisition agreement. Learn more about Howard Hill.
Wheeler Terrace (acquired 2007)
In 2006, the Wheeler Tenant Association (WTA) exercised its right to purchase the property under DC’s Tenant Opportunity to Purchase Act (TOPA) to ensure that it was renovated and preserved as affordable housing. Originally built as Veterans’ Housing in 1947, the property had dramatically declined, becoming one of DC’s crime “hot spots.” In late 2006, the WTA elected to transfer its ownership and development rights to CPDC. In 2009, CPDC completed redevelopment of the distressed property into 116 “green” apartments – making Wheeler Terrace the first affordable housing community in DC to simultaneously meet the “Green Communities” standards established by Enterprise Community Partners and obtain a LEED Certification from the U.S. Green Building Council (Gold level). Learn more about Wheeler Terrace.