Washington, DC • Institutional Redevelopment & Multifamily Development
47,000 SF Institutional Space • 211 Residential Units
In a model public/private partnership, we were designated master developer, financier and construction manager by the District of Columbia Public Schools to design and build a new 47,000 square foot James. F. Oyster School in Northwest Washington while simultaneously integrating the construction of a $31 million, 211-unit luxury residential apartment complex on an adjoining site.
Working in close collaboration with all stakeholders, including the District of Columbia Public Schools, the DC City Council, the DC Office of Planning, the Oyster Community Council (PTA) and private foundations, we created and implemented a creative public/private financing structure to realize the value of an under-utilized asset — the old school's excess land. The new school was financed by an $11 million, 35-year tax-exempt bond issue while $10 million in equity and a $21 million private institutional construction/permanent loan funded the apartments. The bonds are being retired by PILOT (Payment in Lieu of Taxes) payments made by the apartment building's current owner. The success of this project, which was completed in 2001, is attributable to our ability to address and overcome economic, fiscal, political, and cultural challenges over a three-year period.
In recognition of this accomplishment, the project received numerous awards including an Economic Development Partnership Award, from the International Economic Development Council, a National Public-Private Partnership Award, from the National Council for Public-Private Partnerships, and an Award for Excellence: Landmark Mid-Atlantic Class A High-Rise Apartment Sale, from Delta Associates for Henry Adams House.