Vicino

67-unit Apartment Building

1324 North Capitol Street NW
Washington, DC
Multi-Family Development

Project Architect: PGN Architects
Project Design: MMg
Projected Completion: Q1 2022

Highlights

The project consists of the planning, permitting and construction of a new 67-unit, 6-story + penthouse apartment building with at-grade parking for up to 9 vehicles.

The Property is located in the middle of some of the most vibrant and exciting neighborhoods in Washington, DC including Shaw, NoMA, Union Market and Bloomingdale. Fronting on North Capitol Street and between Florida and New York Avenues, the Property is well situated among three of the most important thoroughfares in Washington, DC and well positioned to travel anywhere in the city. Just north of the US Capitol, the Property has great access to major job submarkets located in NoMA, Eckington and Capitol Hill. Steps from NoMa, the Property is walking distance to the NoMA metro station on the red line as well as a Harris Teeter grocer. The Property is a ten-minute walk from the Union Market District, a 45-acre commercial area with over seven million square feet of development planned including a newly opened Trader Joes.

Lack of Supply in NoMA/Bloomingdale/North Capitol Market.  As of November 2018, the Greater Capital Area Association of Realtors (“GCAAR”) reported that Washington, DC has 2.4 months of condo supply (a healthy ratio is between 24 and 30 months). This lack of inventory has capped the sales market and created tremendous pent-up demand throughout the city for quality condo product. Around the corner from the site is Chapman Stables, which is experiencing strong demand and higher than pro-forma sales prices.

Neighborhood

NoMA (North of Massachusetts Avenue) is a moniker for the area North of Massachusetts Avenue located north and east of Union Station in Washington, D.C. NoMA includes the neighborhoods of Truxton Circle, Sursum Corda, Eckington, and Near Northeast and includes a section historically known as Swampoodle. Its southern tip is four blocks from Capitol Hill.

After much planning for the area in the late 1990s, the 2004 opening of the New York Ave–Florida Ave Metro, now NoMa-Gallaudet U station, sparked development in the neighborhood. The area is served by many modes of transportation including rail, bus, bicycle, car, taxi, or walk the sidewalks of an area that received a walkscore of 96.

NoMA by the Numbers. The opening of the New York Avenue Metro station in 2004 sparked improvement of this section of the city. Since 2005, private investors have spent more than $6 billion to develop office, residential, hotel, and retail space in a 35-block area.

With a reputation as the city’s foodie hub, NoMA’s restaurant scene radiates out from Union Market, a restored mid-century food hall. You can find all of the usual chain hotels here, or more eclectic accommodations through any of the online room-sharing marketplaces.

The area’s history blends with the modern landscape in some of the neighborhood’s most notable landmarks including Union Station, Government Printing Office, Uline Arena (Washington Coliseum), Gallaudet University, Union Market, National Public Radio and the National Postal Museum.

NoMA Parks and Greenspace. The DC government dedicated $50 million for the development of parks, playgrounds, and greenspace to enhance this rapidly growing area. Administered through the NoMA Parks Foundation, planned projects aim to make the area more appealing for pedestrians and bicyclists, and provide seating and picnic spaces, outdoor fitness facilities, gathering space for events, playgrounds, community dog parks, and art installations.

Features