A press release that went out on the wires on Friday has announced that a joint venture is being structured between Patriot Transportation Holdings (through its subsidiary Florida Rock Properties
) and MidAtlantic Realty Partners, LLC, to develop the first phase of RiverFront on the Anacostia
, just across the street from Nationals Park.
And, in an even more interesting tidbit, the release says that the companies are going to request a modification to the existing Florida Rock PUD
to make the first phase an apartment building, rather than the planned office building. They expect that construction could start in the spring of 2013, with leasing to start in the fall of 2014. This portion of the site is the eastern end, directly across from the ballpark's Grand Staircase, closest to Diamond Teague Park
and the planned expanded public plaza that will be adjacent to Teague.
It would be after the PUD modification is received that the joint venture would actually be formalized, and the current Letter of Intent "contemplates no commitments or obligations between the parties with respect to Phases II, III and IV of the Master Development Plan." MidAtlantic is apparently investing $4.5 million and receiving a 30 percent interest in the venture.
This of course will be huge news to everyone who looks out from the baseball stadium at the concrete plant just to the south, and probably is a more complete explanation for the filing of the raze permit
earlier this year. In late 2009 this first phase of the project was given a two-year extension
of the zoning order that had originally called for construction to begin by the middle of this year. FRP's representatives cited the difficulties of getting financing to get work underway in their request.
If you're just joining us, the Florida Rock site took about a decade to wind through the zoning process, with all sorts of changes along the way (especially when a major league baseball stadium was suddenly plunked down just across the street).
The design that was approved in 2008 calls for 1.1 million square feet of development on the 5.8-acre site, which would include a 75-foot-wide promenade along the river that would be part of the Anacostia Riverwalk Trail. Originally there were going to be two office buildings, one residential building, and one hotel, along with 84,000 square feet of retail and a number of large open public spaces, but we'll have to see as the new zoning request comes through how those numbers are going to change.
UPDATE: WBJ says
that the new first-phase apartment building would have about 200 units.