WASHINGTON, Jan. 25, 2025 /PRNewswire-PRWeb/ -- Gilbane Development Company, in partnership with MED Developers, Equity Plus Manager LLC, and Housing Help Plus announce the closing for the second phase of the Barnaby & 7th project, an affordable housing redevelopment of Barnaby & 7th, in the Washington Highlands neighborhood of Washington, D.C.
With the financial closing now complete, this second phase will feature 229 units across four distinct buildings along Barnaby Street, further enhancing the 3-phase community and will include a mix of affordable housing options catering to households earning 30%, 50%, and 80% of the Area Median Income (AMI). Notably, Phase 2C will specifically offer 70 site-based Permanent Supportive Housing (PSH) units, equipped with targeted supportive services for single adults transitioning from homelessness.
Key features of Phase 2 include a pedestrian walkway that will enhance connectivity between buildings along Barnaby Street, fostering a sense of community among residents. Each building (Phase 2A, 2B, 2C, and 2D) is strategically designed to blend mixed-income properties with dedicated supportive housing, ensuring a comprehensive approach to community development.
"We are thrilled to reach the financial closing of the next phase of Barnaby & 7th Redevelopment, which will significantly expand our capacity to provide much-needed affordable housing options in the DC area," said Yarojin Robinson, Senior Vice President of Mixed-Income and Affordable Housing, Gilbane Development Company. "This milestone represents a pivotal step towards creating a more inclusive and supportive community to the Washington Highlands."
"Barnaby & 7th development is addressing critical needs of affordable housing residents, family sized units and permanent supportive housing. DCHFA invested in the first phase of this project and provided financing for this current second phase. The Agency values its partnership with Gilbane and the community that is being created here in Washington Highlands," said Christopher E. Donald, Executive Director & CEO DCHFA.
"A collaboration in the truest sense; this transaction exemplifies steadfast commitment between DHCD and the Development Team to ensure the needs of the Tenant Association and neighborhood remain the highest priority," said John Maxwell Finland, Executive Director of Housing Help Plus.
"This is a transformative project for Ward 8," noted MED Managing Member, Bruce Finland. "To see this coming to fruition after so many years of hard work is a testament to the DC government, development partners, and local stakeholders."
"Eight years ago, 200 families were living in substandard conditions, and crime was an ever-present reality of daily life," said Avram Fechter, Managing Director, EquityPlus. "Now, over 400 families will live in state-of-the-art new housing in a wonderful safe community. Projects like this are why we do what we do."
In partnership with Housing Help Plus (HHP), Phase 2 will create space that offers comprehensive case management services under a Housing First approach. Residents will benefit from detailed case plans addressing wellness, education, and employment needs, alongside monthly home visits and financial education classes. These services are designed to support residents in achieving self-sufficiency and enhancing their overall quality of life. Construction of Phase 2 is slated to start in February 2025.
The Barnaby & 7th redevelopment project is a three-phase new construction project which will construct 470 units and will preserve existing tenants.
Phase I, currently under construction, is scheduled to deliver in early 2025, and will bring a mix of 1BR, 2BR, and 3BR units, with 10 to 12 Permanent Supportive Housing (PSH) units supported by the 34 Local Rent Supplement Program (LRSP) project-based rental assistance. On-site social services will be available for residents needing assistance in self-sufficiency and to help them retain housing and improve their quality of life. The location is transit-friendly, and well-served by metro bus lines and major highways. In addition to the new affordable housing units, the Phase I project will also construct a public road to support municipal transit-oriented development policy and provide access to a below-grade parking garage with some parking spaces.
Phase III will potentially include an additional 72-unit LIHTC (Low Income Housing Tax Credit) rental project in townhouse style two-over-two units, or a 30–35-unit townhouse style homeownership project.
The successful financial closing of Phase 2 demonstrates Gilbane Development Company's dedication to leveraging its expertise in sustainable, community-focused development to create dynamic living spaces that foster long-term community growth and prosperity.
For more information about this project, visit https://barnaby7th.com/
About Gilbane Development Company
Gilbane Development Company is the real estate development, financing, and ownership arm of Gilbane, Inc., a 154-year-old family-owned company. With over $8.5 billion in development and more than 25,000 units of housing completed/underway, including over 10,000 units of affordable housing, Gilbane Development Company's projects incorporate every aspect of real estate including: multifamily housing (market rate apartments, student housing, and affordable housing); mixed-used developments; healthcare facilities; K-12 schools; government facilities; and many types of facilities delivered through public-private partnerships. To learn more, visit [http://www.gilbaneco.com/development.
Media Contact
Nicole Carreiro, Gilbane Development Company, 4012094600, [email protected], gilbaneco.com
SOURCE Gilbane Development Company
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