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'2 M Street' heads toward next phase

Rendering of the 2 M Street building

A 12-story residential building under Washington’s New Communities Initiative is targeted for delivery by the fourth quarter of 2013 in NoMA.

Located at 2 M Street NE, the 314-unit structure being developed by WC Smith and the Warrenton Group is part of the first phase of Northwest One Development via NCI, a public-private partnership designed to improve “quality of life” for residents in four D.C. neighborhoods.

The 304,000 square-foot building will feature a rooftop deck with a pool and garden, a basketball court and several multi-purpose rooms. There will be also "a small commercial component," says Carol Chatham, vice president of marketing and communications for WC Smith. The project has an estimated cost of $92 million.

The 2 M Street building will offer 59 units to residents earning 30 percent of the D.C. metro area median income, 34 units to those earning 60 percent, and 221 at market rates. The Washington Metro area median income is $107,500 for a family of four, according to statistics published in December of 2012 by the U.S. Department of Housing and Urban Development.

The next phase for Northwest One, a $700 million initiative, entails the construction of 350 housing units, of which 40 percent will be affordable. 2 M Street one of the first residential buildings under the project. (See also: Groundbreaking in Northwest One to add 101 units of affordable housing)

Barry Farm, Lincoln Heights/Richardson Dwellings, and Park Morton are also part of NCI’s focus to reduce blight and deterioration in the District’s neighborhoods.

Read more articles by Luis Velarde.

Luis Velarde writes about business, investments, real estate, and urban development. His work has appeared in the BBC World Service, Voice of America and others.
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