Located in the Langdon neighborhood of Washington, DC, MidCity is in the predevelopment phase of a 108-unit multifamily property at 1400 Montana Avenue NE, in Washington, DC.
The project is approved for 108 residential units, including 9 affordable units at 60% of area median income, and will include 34 surface parking spaces, a roof terrace, a fitness center, a den, and common area workspaces.
This $33 million project is capitalized with $14 million in Opportunity Zone equity. Project construction is anticipated to begin in the spring of 2020 with completion in the summer of 2021, making this one of the first projects likely to deliver under the new federal Opportunity Zone Program. The Opportunity Zone designation allows MidCity to drive substantial capital into an economically-distressed area, spurring economic development and job creation, and creating new housing and affordable units where there are none presently.
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A PROMISING PIPELINE
Our 50-year history in the Washington, DC and Baltimore, MD metropolitan areas includes a longstanding commitment to urban renewal and affordable housing. Today we are uniquely positioned to create a new generation of mixed-income, mixed-use communities through redeveloped assets. Our 20-year pipeline includes prime Metro-accessible locations in vibrant urban neighborhoods.