
Rendering via Mill Creek Residential
From a press release:
“Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., today announced the start of construction and redevelopment of the former Italian Embassy building located at 2700 16th NW, which will be preserved and converted into 134 luxury apartment homes.
The acquisition, renovation and redevelopment of the site is being made possible by an investment from Rockwood Capital, a privately held real estate investment firm with $9.3 billion in real estate assets under management. Helaba is providing the construction financing for the project.
“Simply put, the historic revitalization of the Embassy, coupled with the vibrancy of the neighborhood, will make this one of the premier communities in the Washington, DC region” said Sean Caldwell, senior managing director of the Mid-Atlantic region for Mill Creek.
As part of the redevelopment, Mill Creek will maintain the Neo-Renaissance architecture of the building and construct an adjacent nine-story high-rise with two levels of below-grade parking. The existing Embassy building will be renovated to contain a select number of the community’s exclusive townhouse-style residences, which will face a private courtyard and garden, as well as the community’s amenities.
The community will consist of studio, 1-, 2- and 3-bedroom apartment homes that feature premium high-tech and high-end features. (more…)