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Apollo in JV to develop new $1.2b Washington, D.C. town.



WASHINGTON, D.C.: Apollo Real Estate Advisors has formed a joint venture with Sang Oh Development LLC (Logical Link Control) See "LANs" under data link protocol.

LLC - Logical Link Control
 to develop New Town at Capital City Market, the planned $1.2 billion revitalization re·vi·tal·ize  
tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es
To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy.
 of a warehouse district in northeast Washington, D.C., the firm announced.

As envisioned, New Town at Capital City Market will include 3.4 million square feet of condominium condominium

In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common.
, 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 railroad or railway, form of transportation most commonly consisting of steel rails, called tracks, on which freight cars, passenger cars, and other rolling stock are drawn by one locomotive or more.  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 Harry Thomas (born February 28, 1901, Swansea, Wales, United Kingdom), was a Welsh football striker. In his early days, he played for Swansea City and Porth. In April 1922, he was sold to Manchester United, where he made his debut against Oldham Athletic at Boundary Park on 22  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 amphitheater (ăm`fəthē'ətər, ăm`pə–), open structure used for the exhibition of gladiatorial contests, struggles of wild beasts, sham sea battles, and similar spectacles.  designed for winter use as an ice-skating rink, and an entertainment center featuring a theater, bowling alley alley

an area in a cow barn identified by its particular purpose such as a loafing alley, a walking alley or feeding alley.
 and roller-skating. A proposed new YMCA YMCA
 in full Young Men's Christian Association

Nonsectarian, nonpolitical Christian lay movement that aims to develop high standards of Christian character among its members.
 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 according to
prep.
1. As stated or indicated by; on the authority of: according to historians.

2. In keeping with: according to instructions.

3.
 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
Words:456
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