From a
press release hitting the business wires today about the condo project at
1100 First Street: "The
Canyon-Johnson Urban Fund is making its first-ever investment in the Washington, D.C., market by partnering with
Faison of Charlotte, North Carolina, on the development of a transit-oriented condominium project next to the Navy Yard Metro station in the Near Southeast submarket. [...] Plans call for 266 condominium units over a four-level underground parking garage with approximately 210 parking spaces and 65 storage spaces. The condominium community is part of a master planned development that will include a
13-story office building adjacent to the project, which will be separately developed by
Opus. [...] Canyon-Johnson Urban Fund, the development's major equity investor, is a joint venture between
Canyon Capital Realty Advisors and Earvin "Magic" Johnson's
Johnson Development Corporation." The
release also says that demolition is scheduled for the "third quarter of 2006," which means, uh, any minute now. And: "[P]roject completion is expected in the third quarter of 2008. The majority of units, designed to attract entry-level professionals, will range in price from the high $200,000's to the high $300,000's with an average unit size of 725 square feet. Residents of the full-service building will have amenities including a public courtyard, game room and pool. "