$30 Million Loan Secured for The Edison at Union Market


From a press release:

“LCOR, a fully-integrated real estate company specializing in property development, investment and management, has closed on a $30M construction loan from M&T Bank for the development of The Edison at Union Market, in Washington D.C. LCOR plans to develop the land at 4th Street and Florida Avenue, NE into a mixed-use property bringing forth the vision of incorporating forward thinking retail and smart living into the thriving historic district.

Upon completion, The Edison at Union Market will include 187 apartments, approximately 28,000 square feet of ground-level retail space and a below-grade parking garage. The six-story building will serve as the first residential development delivered to Union Market, signaling a major step in the revitalization of the evolving district.


EDENS, the owner, operator and developer of Union Market, will own the ground-level retail space within The Edison. EDENS obtained zoning approval for the project through D.C.’s Planned Unit Development process under the project title “Gateway Market and Residences.” LCOR acquired the residential portion of the project in May, 2014

“The design of The Edison at Union Market incorporates the industrial nature of the surrounding Union Market District, creating a unique attraction for residents and visitors,” said Harmar Thompson, Senior Vice President of LCOR. “The neighborhood has recently seen an influx of acquisition and rezoning activity following EDENS’ successful rehabilitation of the historic Union Market into an artisanal food and goods destination.”

SK+I Architecture has served as the project architect and Davis Construction is the general contractor for the project.

The 45-acre Union Market district has historically served as D.C.’s wholesale food district. There are currently more than 100 business and 1,500 employees in food production and distribution in the area. EDENS, a commercial property developer, has executed the first phase of the neighborhood’s transformation through the rehabilitation of the historic 47,000 square-foot, Union Market food and artisan goods market, which serves as a major amenity for the neighborhood.”

22 Comment

  • Man i hope with all of the housing they are building in and around Union Market that they incorporate some really cool NY style lofts/condos. I’d definitely cash out on one of my homes a buy a unit there.

    • Would probably be market rental, overpriced, and undersized 🙁

      With that said – I’d kill for that too. A very cool opportunity to do things along the lines of the Atlantic Plumbing building by 9:30 Club.

      • Eh, kick up the crime rate another couple of notches, and the housing price problem will solve itself.

      • I see A LOT of praise for the Atlantic Plumbing on blogs. And while I like the exterior architecture the interior finishings are the same below average stuff going into most of the new buildings. Is it really worth paying uber luxury prices when by far the nicest thing about the building is the outside facade and not the inside of your unit.

    • High end rentals is the name of the game. Banks expect Millennials to become the first American renter class in 100 years. Most won’t own a home until they inherit one from a relative.

      • To be fair, most millennials won’t be able to afford to rent in DC either …

        • “Then there is the group that the Zillow study dubs “double lucky.” These are the select few whose families had enough money to not only help them with college, but to then also assist them with a down payment on a home. This group accounts for more than half of the Millennial homeowners in the Zillow’s data, though they account for only 3 percent of the total Millennial population.”
          Yeah, shit is gonna hit the fan (eventually). Also, 3 in 10 adult age Millenials live at home. That’s crazy and will have wide ramifications on the economy, real estate, marriages, etc. Basically, we are becoming like Italy. It will be interesting to see if banks and/or the government continue to prop up home prices.

  • Very weak design, as expected, but glad something’s finally going atop that vacant parcel on that blighted corner.

  • Accountering

    There was a sign up several years ago for quite a while that said “Soon, you won’t even recognize the place”
    Glad that is finally coming to fruition.

  • Does this encompass the land that Burger King is on? Will that get bulldozed?

    • Different project, but yes it will also go. Look up the Highline at Union Market. Was just approved by the zoning commission.

    • Separate parcel/project. BK site will also be residential atop retail.

    • They’re turning the BK into NY style lofts/condos. You can sleep where the frier once was.

  • What’s happening with all the warehouses and other operating (though not millennial focused) businesses around here?

  • Good luck getting this by ANC 5D. They’ll be lucky to get this going by 2025 unless they promise free condos to ANC members.

  • Please tell me this doesn’t effect A. littieri! It’s the only old school Italian deli/store in DC.

    • This particular project won’t. Though I’m not sure what the plan is for the area where A.Littieri is in the future. I agree- I hope they will be around for a long time!

  • 30 million for a 187 unit building = really crappy execution. Expect to see lots of Hardi-crap and painted stucco. The rendering looks nice enough though!

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