The Deputy Mayor for Planning and Economic Development (DMPED) has select the Shaw 42 Developers, LLC, a joint venture between TenSquare and the Chapman Development Group to develop Parcel 42. The Shaw 42 Developers’ proposal was most attractive to DMPED because they were the only developers to offer the city a 99 year ground lease, which means after 99 years, the land and the building on Parcel 42 will revert back to the ownership and control of the city government unless and new lease is negotiated and agreed to by the city and the developers.
The proposal detailed the plans:
Shaw 42 Developers proposes 7 floors of approximately 15 residential units each, totaling 105 apartment housing units. In accordance with industry best practices, the 21 units dedicated to affordable housing will be evenly distributed throughout the building on all floors and among all unit types. These units will be available solely to households having annual incomes at or below 50% of Area Median Income (AMI). These market rate households will join the new residents of Progression Place and CityMarket at O in patronizing local small businesses and revitalizing the 7th Street corridor in Shaw. The development program includes the construction of 104,604 gross sq ft, directly across from a Metro Station. The net leasable square footage is 78,239 sq ft of residential space. The development program is supported by up to 114 parking spaces available for both the residential and retail uses. The total development budget for the conceived project is more than $37,000,000 and requires no cash subsidy from the District. The affordable housing component is funded by the sale of 4% Low Income Housing Tax Credits and the land value generated by the market rate uses.
Ed. Note: This is the parcel that became a tent camp back in July 2010.