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CBG Celebrates Bryant Street Groundbreaking with Community Members
Ceremony Marks Beginning of First Phase of Bryant Street Master Plan
For immediate release
July 26, 2019
"As our city continues to grow, we know that it is rapidly changing, and so we have to prioritize investments like this one in communities just like Edgewood. Throughout smart planning and with creativity, we can have all of the things that our neighborhoods want: safe and affordable housing, investments in new infrastructure, top entertainment, and improved public spaces," said Mayor Muriel Bowser, in her remarks at the event. "Together we can create amazing opportunities to transform an aged shopping center into a fresh multi-purpose destination."
MRP Realty and FRP Development Corporation, the owner and lender of the project respectively, also hosted Interim Deputy Mayor for Planning and Economic Development John J. Falcicchio, the Advisory Neighborhood Commission for Edgewood, and other involved community members. Bryant Street includes roughly $17 million of tax incentive financing from the District for infrastructure improvements to the development and to Metropolitan Branch Trail.
"After extensive hard work, collaboration, and planning with the DC government and local neighborhood groups on this project, Bryant Street is an example of how incredible things can happen when people work together," said Kevin Schaar, principal at MRP Realty. "It feels great working hand-in-hand with the community to create a world-class destination where people can come together to for living, dining, shopping, and entertainment, and we can't wait to bring Bryant Street to life."
Scheduled to complete construction in 2022, CBG began work on Bryant Street's first phase in February, transforming the former shopping center on Rhode Island Avenue into a six-and-a-half-acre mixed-use community with 449 luxury and 38 affordable apartments served by 35,000 square feet of retail. Another contractor will build a nine-screen Alamo theater as part of the project's first phase. The final master plan is set to include more than 1,500 residential units, 250,000 square feet of retail, and one-and-a-half acres of green space. Bryant Street is designed to achieve LEED® certification.
"We appreciate MRP choosing CBG to construct this large-scale master planned development in Northeast DC," said Tim McDonald, senior contract executive. "It's a great opportunity to bring more housing, entertainment, retail, and open space to the Edgewood neighborhood."
CBG also sponsored Noyes Elementary in creating a mural of student artwork on Bryant Street's 100-foot covered walkway along Rhode Island Avenue. Students from kindergarten through fifth grade contributed more than 90 pieces of art illustrating what they do for fun in the neighborhood. Continuing CBG's tradition of beautifying and investing in its neighborhoods, the Bryant Street student art walkway marks CBG's seventh such project nationwide.
About CBG Building Company
Through a relentless pursuit of innovation, a steadfast commitment to quality, and active collaboration with clients, CBG has been delivering award-winning communities from coast to coast for more than 25 years. CBG's professional construction team builds more than 4,000 homes each year, providing high-quality, responsive service backed by a significant bonding capacity and national resources. CBG's experience spans a diverse portfolio of geographic areas and product types, including luxury, mixed-use, and affordable housing apartments, as well as campus housing, military family communities, and senior living facilities. Together, we draw on the knowledge gained through building more than 88,000 housing units since 1999. For more information, visit www.cbgbuildingcompany.com.
About MRP Realty
Since its inception in 2005, MRP Realty has deployed $4.9 billion in total capitalization, averaging over $330 million per year. MRP's combined development assets total more than 25 million square feet, with an additional 10 million square feet under management. MRP's leadership team has worked together in various capacities for over 25 years and has experience spanning all product types in urban and suburban settings. MRP has been actively involved in over 20 million square feet of development and investment. By combining the broad skill set of its colleagues with the long and successful track record of its senior leadership, MRP delivers value through deep and specific understanding of our clients' needs. For more information, visit www.mrprealty.com.
About FRP Development Corporation
Established in 1989, FRP Development Corporation is a full-service Maryland real estate development management company specializing in commercial and industrial real estate. The company is one of two wholly-owned subsidiaries of FRP Holdings. FRP has been engaged in the business of acquiring, developing, owning, and operating commercial and industrial buildings predominately in Baltimore, Washington, D.C., and Northern Virginia. FRP's current developed building platform consists of over 3.6 million square feet that the company owns and manages. For more information, visit www.frpdev.com.
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For More Information: Joy Lutes 703.362.0150