Work begins on St. Elizabeths East resi project in Washington, DC
Anacostia Economic Development Corporation and Flaherty & Collins Properties have kicked off construction of an apartment building in Washington, DC. St. Elizabeths East will feature 252 units, 202 of which will be affordable. Located in the capital’s Congress Heights neighborhood in Ward 8, the property will be adjacent to the new Entertainment and Sports Arena on the site of the former St. Elizabeths Hospital. Fifty apartments will be available at market rents, 19 units will serve those earning between zero and 30 percent of the median family income, and 183 units will be set aside for residents earning 31 to 50 percent of the median family income, which is currently $58,600 for a family of four. The $109m investment will include a fitness center, a clubroom, secured parking, a playground and an outdoor grilling area.
Funding for the scheme comes from the DC Housing Finance Agency, which issued $52m in bond financing. Project funding also includes $28.8m provided by DHCD, $25.7m generated through LIHTC equity and $15.6m in historic tax credits. The project is the first redevelopment phase of the 183-acre St. Elizabeths campus.