On behalf of our client, Foulger-Pratt:
Foulger-Pratt Kicks Off Construction of ONE 501 in Eckington
Mixed-use development to offer apartment homes and retail to growing submarket
May 16, 2019 (Washington DC) — Potomac-based developer Foulger-Pratt kicked off construction today of ONE 501, a mixed-use development in the Eckington submarket of Washington, DC. The development will bring 327 apartment homes and 9,200 square feet of shops and restaurants to what is quickly becoming one of the most sought-after neighborhoods in the city.
“We are very excited to become a part of the Eckington community,” said Josh Etter, Vice President of Development for Foulger-Pratt. “Early in the process we engaged with neighborhood representatives and city leaders to better understand what short- and long-term goals were most important. Through those discussions we identified and included several affordable housing initiatives, ways to better equip local students with tools they need to be successful and participate in the creation of wonderful outdoor public space that will be utilized for years to come.”
ONE 501 is being financed, in part, by a $23 million preferred equity investment by EB5 Capital. Led by Angelique Brunner, the firm raises funds from foreign investors to create U.S. jobs. EB5 Capital has a total of five EB-5 projects in the adjoining NoMa neighborhood of Washington, DC. ONE 501 will be EB5 Capital’s first in Eckington.
“We’re thrilled to be joining Foulger-Pratt for what will be our third time partnering on a DC multifamily housing project,” said Patrick Rainey, EB5 Capital’s Vice President of Investments. “Our company is committed to the development of the NoMa and Eckington neighborhoods and we’re thrilled to have another opportunity to bring much-needed jobs, commerce, and housing to a region of the District in need of all three.”
The urban infill project will be built on a 1.8-acre parcel of land acquired by Foulger-Pratt at 1501 Harry Thomas Way in northeast DC and is a short walk to Metropolitan Branch Trail, the NOMA-Gallaudet University Metro station, Tanner Park and Union Market.
Foulger-Pratt also plans to provide the community with an extensive benefits package that includes $165,000 for dog park improvements; $80,000 to realign the Metropolitan Branch Trail; a $40,000 Latino Economic Development grant for tenants’ rights advocacy; four artist/maker live-work units; as well as affordable housing units totaling 10 percent of the project’s net floor area for households earning up to 60 percent of the median family income (MFI).
The package also includes $350,000 for a South Park performance amphitheater, service kiosks and public art as well as a land donation of about 20,000 square feet NoMa Parks for the construction of East Park.
Foulger-Pratt plans to achieve a LEED (Leadership in Energy and Environmental Design) Silver designation for the ONE 501 development and provide newly paved sidewalks, streetlight fixtures, new and replacement shade trees, and 174 secure bicycle parking spaces with a bike repair station.
ONE 501 follows on the heels of another Foulger-Pratt development close by – Press House at Union District, which broke ground in April and will bring 356 apartment homes, 27,000 square feet of retail space, 25,000 square feet of office and a future 85,000 square feet of residential or hotel space.
Established in 1963, Foulger-Pratt is a real estate investment and development firm distinguished by its long-term focus and extensive experience executing successful mixed-use, transit-oriented projects. The firm’s disciplined culture and vertically integrated platform have enabled it to develop more than 15 million square feet of commercial office, multifamily residential and retail projects by its long-term focus and extensive experience executing successful mixed-use, transit-oriented projects.
Foulger-Pratt is privately owned, led, and staffed by many of the industry’s most talented professionals. The firm’s culture has been carefully cultivated for the last half-century through deliberate effort to operate consistently in accordance with specific core values. The result is a reputation of unmatched integrity, accountability and vision. For more information, visit www.foulgerpratt.com.
About EB5 Capital
EB5 Capital is a leader in the EB-5 immigrant investor industry, raising over $600 million in foreign capital from investors in more than 55 countries for investment in job-creating real estate projects across the United States. EB5 Capital owns and operates six USCIS-authorized Regional Centers that serve 15 states and the District of Columbia. With a portfolio of 26 projects, EB5 Capital maintains a 100% project approval rate from the USCIS. For more information, visit http://www.eb5capital.com.