Apollo in JV to develop new $1.2b Washington, D.C. town.
As envisioned, New Town at Capital City Market will include 3.4 million square feet of condominium, rental apartments and affordable housing, stores, restaurants, hotels, entertainment facilities and community services spread over a 24-acre industrial site located near Union Station, between Florida Avenue, 6th Street, Penn Street and the railroad tracks. The D.C. Council approved initial plans for the project last year.
"We are very excited to join the team of private developers, public officials and community leaders dedicated to the revitalization of the Capital City Market area," said Jim Simmons, Apollo partner. "New Town will have an enormous impact on the nation's capital and we hope it can serve as a model for other cities."
"I am delighted to welcome the Apollo team to the historic public-private planning partnership we have forged over the past three years to create this exciting new community," said Sang Oh Choi, president and principal owner of Sang Oh Development LLC, who conceived the New Town plan. "Apollo's expert guidance and financial support provide assurance that New Town at Capital City Market can be developed successfully." "Apollo Real Estate Advisors is one of the nation's premier experts in the development and financing of mixed-use projects in underserved urban neighborhoods. The participation of this distinguished international firm demonstrates the excellence and soundness of the New Town plan," said D.C. Ward 5 Councilmember Harry Thomas Jr.
New Town plans call for 1,600 condominium and rental apartments, with between 20% and 40% set aside as affordable housing for renters and buyers. More than a mile of retail storefronts and restaurants also will include 300 shops and two hotels, an outdoor amphitheater designed for winter use as an ice-skating rink, and an entertainment center featuring a theater, bowling alley and roller-skating. A proposed new YMCA will offer a fitness center, a teen center, swimming pool, senior citizen programs, and a child day care center with outdoor playground.
Statutory requirements for the New Town plan provide for current merchant property owners in the Capital City Market to continue operating in modern new facilities. The project also provides for adaptive re-use of the Market's historic structures and the use of green technology in design, construction and operations.
New Town is projected to create more than 2,400 construction jobs with a payroll of $108 million.
According to New Town legislation enacted in March, the development team is to submit a final conceptual plan for review and approval later this year.
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|Title Annotation:||NATIONAL ROUND-UP|
|Comment:||Apollo in JV to develop new $1.2b Washington, D.C. town.(NATIONAL ROUND-UP)|
|Publication:||Real Estate Weekly|
|Date:||Jul 11, 2007|
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