DC's Armed Forces Retirement Home Scuttles Huge Redevelopment Plans
The largest development on the boards in DC is no longer moving forward.
The Armed Forces Retirement Home (AFRH) announced Thursday that it had terminated a deal with developers Madison Marquette and Urban Atlantic to redevelop an 80-acre portion of the AFRH campus (map) into a massive mixed-use development.
story continues below
loading...story continues above
"The project was facing tough economic conditions between rising interest rates, inflation, supply chain challenges, and a struggling office market in DC," John RisCassi, AFRH Chief Operating Officer, said in a statement, "It was clear that the financial benefit to the Home was now significantly diminished and the terms of the long-term lease were riskier to AFRH. Additionally, AFRH had recently re-phased the effort in an attempt to make it more financially viable, but the economics and other negotiation issues could not be overcome.”
The development plans in the works included over 3,000 residential units (15% affordable), roughly 300,000 square feet of retail and hospitality uses, up to one million square feet of traditional and medical office space, and over 20 acres of open space.
While the current redevelopment plans have been terminated, the AFRH is leaving the door open for redevelopment plans in the future.
"The agency remains open to future collaborations and is dedicated to finding solutions that ensure its operational continuity without compromising resident care and services."
See other articles related to: armed forces retirement home
This article originally published at https://dc.urbanturf.com/articles/blog/dcs_armed_forces_retirement_home_scuttles_huge_redevelopment_plans/21623.
Most Popular... This Week • Last 30 Days • Ever
In this article, UrbanTurf will explain what special assessments are, how they work, ... read »
Plans are moving forward at the site of a long-planned project in Ivy City, however w... read »
Nearly 1,400 residential units are on the boards around Union Market, about the same ... read »
Up 8% year-over-year, it is the first time that prices have exceeded $800,000 for det... read »
If there was ever a place where the old adage “one man’s trash is another man’s... read »
- What Are Special Assessments in Condo Buildings and What Do They Cover?
- Douglas Development Pitches Large Warehouse For New City Site Along New York Avenue
- Hotels, A Public Park and The 1,400 Units In The Works For Union Market
- The Price For A House in The DC Area Hit A New High in April
- Tile, Furniture, Appliances & (Much) More -- The Local Warehouse Chock Full of Salvaged Home Goods
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro