Developers of the Gateway Market Center and Residences, the Union Market-area residential project, have recently made some changes to their plans, removing the office space component and adding more units, including the option for a hotel, the Washington Business Journal reports.
The Gateway Market Center and Residences project, developed by Edens Realty and Sang Oh Choi, will span 44-acres on Florida Avenue in a redevelopment project over the next 10 years.
This particular Gateway Market Center and Residences project is the introductory development, with about 170 to 216 planned residential units and about 27,500 square feet of retail. Developers are asking for the option to convert the residential component into a hotel, depending on market conditions. Perhaps the developer is well aware of the surging number of apartments in D.C. and preparing for the rental market to skid.
The Gateway Market Center and Residences project, which will be wood built over concrete instead of all concrete, is located on vacant lot about 350 yards from the NoMA-Gallaudet University Metro station at Florida Avenue and Fourth Street and right next to the upcoming Union Market.
The Union Market project is another recent redevelopment project. The vision for Union Market, which opened last September, is to restore vibrant commercial life into a once-thriving area.
The history of the market here between 5th and 6th Streets just south of Florida Avenue on Neal Place includes decades of a cycle of success and dilapidation, right near the proposed Gateway Market Center and Residences. Its current state is one of revitalization with about 40 artisans signed on – from spice shops to olive oil shops.
Clearly, the NoMa neighborhood, like many areas of D.C., is coming to life with a slew of new projects in the pipeline – from the Union Market to the Gateway Market Center and Residences.
For More Information:
Rock Creek Realty: http://www.rcrdc.com/h-street.php
Union Market: http://unionmarketdc.com/
Washington Business Journal: http://www.bizjournals.com/washington/breaking_ground/2013/05/edens-proposes-major-changes-for.html