Standard Real Estate to develop 1,500 residential units in Washington, D.C.

Standard Real Estate Investments announced the acquisition of the Senator Square and East River Park shopping centers in Northeast Washington D.C.

In aggregate, the centers are entitled and programmed for a $650 million mixed-use redevelopment offering 1,500 residential units, including approximately 300 affordable units (including 110 units by the National Housing Trust), and 120,000 square feet of community-serving retail space.  Financing for the transaction was provided by the Black Economic Development Fund (BEDF), managed by affiliates of the Local Initiatives Support Corporation (LISC) and Forbright Bank.

The 13-acre site, located at the intersection of Minnesota Avenue Northeast and Benning Road Northeast, is blocks from the Minnesota Avenue Metro Station and comprises the majority of the Northeast Heights master plan. Trammell Crow Company is developing a 257,000-square-feet, built-to-suit office building to accommodate the new headquarters of the District of