EJF Capital LLC, Donatelli Development, and Blue Skye Development plan to develop a 262-unit mixed-use, mixed-income, multifamily community in the Hill East neighborhood of Southeast Washington, D.C., approximately 1.6 miles from the U.S. Capitol. The project is under construction and is expected to be completed in August 2020.
Hill East is a 67-acre master planned development in an area certified as an opportunity zone under the Tax Cuts and Jobs Act of 2017.
Located adjacent to the Stadium-Armory Metro station at the corner of 19th Street and Massachusetts Avenue S.E., the $95 million development project will also offer 13,000 square feet of retail space.
“We are thrilled to partner with Donatelli Development on this project. Hill East is a major opportunity zone development that will transform the area just east of Capitol Hill and west of the Anacostia River,” said EJF co-founder and chief operating officer, Neal Wilson. “This anchor project will make a major contribution to the neighborhood by adding hundreds of construction jobs and creating the momentum necessary for the successful long-term growth of the Hill East neighborhood.”
The Hill East neighborhood is planning to offer a number of recreational amenities, including a series of parks, plazas, pathways and open spaces connecting Capitol Hill to the Anacostia River.
“By offering convenient and affordable housing as part of the Hill East project we are embracing the community as it exists today,” Wilson said. “We have repeatedly witnessed displacement of low-income individuals being pushed away from city centers and believe the revitalization of a once-distressed community should not permanently displace multi-generational residents and workers by being priced out of their neighborhood.”
EJF Capital LLC is a global alternative asset management firm headquartered outside of Washington, D.C. As of March 31, 2019, the company manages approximately $7.5 billion across various alternative asset strategies.
EJF formed the EJF OpZone Fund I LP with a targeted capital raise of $300 million to $500 million to invest in qualified opportunity zones.
EJF’s other opportunity zone development projects include Marriott International’s new Moxy Hotel in Oakland, California and a 510-acre multi-phased industrial park in western Jasper County, South Carolina that will serve the Port of Savannah.