Developers Plot Green Affordable Housing Redevelopment in Columbia Heights

By Tristan Navera, Washington Business Journal

New York developer Jonathan Rose Cos. and D.C.’s Somerset Development Co. are planning a full redevelopment of Faircliff Plaza East that would replace the existing 80-unit building at 14th and Fairmont streets NW with a 125-unit building with more modern amenities and a sustainable design, according to representatives from the company.

The finer details remain to-be-determined, but the proposal has received its first shot of financing with a $1.85 million predevelopment loan from D.C. Green Bank, whose funding is typically aimed at sustainability-related design and improvements. That money will help pay for engineering, architecture, planning, design and sustainability assessments for the project, the bank said in a statement.

Read the Full Article Here