$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.”