Another large apartment building for Near Southeast appears to be on the boards, with word filtering my way that Ruben Companies
has begun working with Shalom Baranes Architects
on designs for a 400-unit rental building on Half Street between I and K.
With the working name of "20 K," this building would be on the eastern portion of Square 697N
, which Reuben picked up via foreclosure
when JPI gave up on its plans for "23 I" on the site. There would be retail along the entire Half Street frontage, and Ruben is apparently looking around for any "organic markets" that might be interested. (Cue stampede of "OMG! OMG! OMG!" in the comments, but don't get ahead of yourselves, since there's no indication that That Particular Organic Market is displaying any interest in the site.)
Ruben owns the rest of the block
as well, and envisions an eventual Phase II project along South Capitol Street (where the Exxon used to be) that could be residential, commercial, or a hotel, depending on what the market will bear.
No timeline at this point, so don't start packing up your things for a move just yet.
The up-tick in the development of mutlifamily residential properties in Near Southeast after a three-year lull during the Economic Difficulties is obvious: Forest City's 220-unit 1212 4th Street
is just underway at the Yards, William C. Smith's 430-unit Park Chelsea
is on the boards to get started later this year, Akridge is "hoping
" to move forward in 2012 with the 280-unit residential part of its Half Street project
, and Florida Rock's developers have replaced a planned office building with a 300-unit residential offering for the project
's first phase, which could get underway in 2013. (And it's worth noting, as mentioned in the comments, that every one of these is planned to be a rental building, not condos.)
And I wouldn't be surprised if there were more to come.