DC Green Bank and Medici Road Announce $250,000 Pre-Development Loan

DC Green Bank and Medici Road today announced the closing of a $250,000 pre-development loan to finance the design and planning stages for an energy efficient and sustainable building in Ward 7 in Northeast Washington, D.C. Located on a currently vacant lot, Medici Road estimates that the building will be 17,000 square feet and include 13 affordable condominium units, space for their corporate headquarters, as well as a grocery store, increasing access to nutrition in Ward 7 where there are currently only two grocery stores. The building’s current design also includes rooftop solar panels and a stormwater recycling system. These elements are projected to retain 9,000 gallons of stormwater per storm event and save $2,400 in electricity costs per resident over the next 10 years as well as reduce onsite soil erosion and local pollution by 2 – 5%. The current design is also anticipated to create 65 jobs in the local community – 55 jobs during the construction phase and an additional 10 permanent jobs to run the grocery store and office space. Medici Road has committed to hiring local Deanwood residents for these positions.

“We could not have asked for a more perfect illustration of our values in a single project, and we are excited to work with Medici Road to move it forward,” said DC Green Bank CEO Eli Hopson. “Communities know best what they need, and by funding projects that support affordable housing, access to nutrition, local job creation, and a clean and resilient community we can demonstrate the future we all want to build.”

Thomas Houston, Executive Director and Chairman of the Board of Medici Road, said of the partnership, “We are excited to be working with DC Green Bank to pursue our shared values. This project can demonstrate that we don’t have to wait for anyone to lift up our communities. We are the ones that can deliver inclusive investment that addresses the drivers and impacts of racism and poverty and creates a sustainable model for others to follow.”

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