Affordable Housing Leader to Hold Groundbreaking Ceremony on First-of-its-Kind Mixed-Use Development Project

Neighborhood Development Company to celebrate development on energy efficient 34Fifty Apartments in the River Terrace Community

WASHINGTON, July 13, 2023 /PRNewswire-PRWeb/ -- Neighborhood Development Company (NDC) is proud to announce a groundbreaking ceremony set to be held Thursday, July 13, 2023 at 11:00 AM ET on a new Passive House Institute Certified (PHIUS) affordable housing mixed-use development in the River Terrace Community. This property will be the first Net-Zero Ready, PHIUS affordable housing development project in Washington, D.C. The building will be an energy-efficient, four-story multifamily project centered in Ward 7. Of the 49 units, 20 percent will be family-sized housing.

WHO:
In attendance at the groundbreaking will be:

• Keith Anderson, Interim Deputy Mayor for Planning and Economic Development
• Vincent C. Gray, Councilmember, Ward 7
• Colleen Green, Director, DHCD
• Christopher Donald, Director, DCHFA
• Lawrence Di Rita, Market President Greater Washington, D.C., and Public Policy Executive, Bank of America
• Lundat Kassa, Vice President, Bellwether Enterprise Real Estate Capital
• Adrian Washington, CEO and Founder, Neighborhood Development Company
• Michaela Cancel, Senior VP, Neighborhood Development Company

WHEN:

• 11:00am ET, Thursday, July 13, 2023

WHERE:

• 3450 Eads Street NE, Washington, DC 20019

Construction on the project began earlier this year, and is designed in partnership with the architecture firm, Torti Gallas + Partners. The 34Fifty Apartments are being built with a focus on energy efficiency and sustainability, to boost the surrounding community. Located in Ward 7, this groundbreaking development will feature green sustainable construction combined with emerging businesses that will address needs in the community such as health and wellness, beauty, banking, and financial planning.

"34Fifty will be a great fit for the River Terrace Community," says Adrian Washington, CEO and Founder of NDC. "This project has been under development for several years, with a lot of moving parts. However, is finally coming to fruition, thanks to a strong collaboration with all the partners looking to positively impact the community."

The affordable living spaces at 34Fifty will be part of a larger development supporting retail tenants. Those will be a collection of local businesses and leaders in their industry including Yeleen Beauty, the first commercial makerspace to support women and founders of color in the beauty industry; Industrial Bank, the largest minority-owned commercial bank in the Washington, D.C. metropolitan area and the sixth largest African-American owned financial institution in the country; and Accent Care, a national post-acute healthcare provider that offers home health, nursing, facility staffing, personal, and hospice care.

"Together, federal, local, and private partners are coming together to deliver the housing and neighborhood-serving amenities that the River Terrace Community deserves," said Interim Deputy Mayor Keith Anderson. "34Fifty is a great example of how Mayor Bowser's investments in the housing production trust fund are helping to create opportunity-rich neighborhoods in all eight wards."

The project is supported by several strategic and financial partners including Mayor Muriel Bowser, the Department of Housing and Community Development (DHCD), DC Housing Finance Agency (DCHFA), Enterprise, Bank of America, Fannie Mae, BWE Real Estate Capital, Torti Gallas Urban, and MCN Build.

"Today we celebrate a big step forward in delivering more affordable housing to Ward 7, but also in setting a new standard for sustainable, energy efficient living that contributes to affordability and reduces our collective impact on the environment. A sustainable D.C. was a hallmark of my mayoralty and, today, to see yet another innovative building take root is a milestone in the continuum of our goal of ubiquitous green construction and sustainable living across the city." Said Ward 7 Councilmember Vincent C. Gray. "Through hard work, innovation and cooperation we can overcome challenges and make real improvements to the lives of people with great needs while at the same time preserving the environment for future generations."

"We know that investing in affordable housing can be a catalyst to energize a community, but also having access to nearby amenities, personal services and economic opportunities are key to sustaining its vibrance," said DHCD Director Colleen Green. "We're not just investing in
housing, we're also empowering people and revitalizing neighborhoods with local and federal financial resources."

"The financing of 3450 Eads Street Apartments was one of the deals that contributed to DCHFA ending 2022 on a high note. It was one of the final transactions closed by the agency and our excitement for the project remains as it enters the construction phase," states Christopher E. Donald, Executive Director/CEO, DCHFA. "The Neighborhood Development Company (NDC) is one of our long-term and valued development partners. We look forward to the delivery of new healthy, beautiful, affordable housing which this project will bring to the River Terrace neighborhood and funding even more communities built by NDC."

"Bank of America is a leader in affordable housing because it is critical to helping create a sound financial future for people and the communities where we live," said Larry Di Rita, President, Bank of America Greater Washington, DC. "We're pleased to partner with the city
and the Neighborhood Development Company to bring a first-of-its-kind development to our neighbors in the DMV."

"We are pleased to have provided the Fannie Mae MTEB forward permanent loan for the 3450 Eads," says Lundat Kassa, Vice President of Bellwether Enterprise, an affiliate of Enterprise Housing Credit Investments. "We congratulate NDC for bringing much-needed affordable housing units to the growing Benning Road neighborhood in Ward 7. Along with NDC and the various financing partners on the project, BWE is proud to have navigated the current volatile financing markets to help bring the mission-rich project to a successful closing."

The 34Fifty project is set to open in mid-2024. For more information on the project and its partners, you can log onto the project website at https://www.3450eadsdevelopment.com/

About Neighborhood Development Company:
Neighborhood Development Company ("NDC") is a mission-driven real estate development company focused on projects that benefit communities, drive stakeholder pride and generate excitement. NDC employs a methodical development strategy that prioritizes the needs and concerns of local communities while achieving attractive investor returns. NDC understands the importance of the environment and is committed to incorporating leading-edge sustainable elements into every one of its projects.

Media Contact

Gretchen Pahia, Pitch Public Relations, 1 602-309-4286, gretchen@pitchpublicrelations.com

SOURCE Neighborhood Development Company