Mid-City Urban JVs on $300M Project

SILVER SPRING, MD-Mid-City Urban, a local developer of multifamily rental and for-sale housing, is partnering with the Canyon-Johnson Urban Fund, a Los Angeles-based joint venture between Canyon Capital Realty Advisors and Magic Johnson, to build a $300-million mixed-use, mixed-income development that will be located “inside the Beltway,” according to Vicki Davis, president of Mid-City Urban. The deal is so new--Mid-City Urban was only recently notified of the award--Davis will not provide further details.

However, it is safe to conclude that the project will mimic, to a certain degree, other mixed-use, affordable housing projects the company has under way in the DC area. The firm has more than 4,000 housing units under development in the Mid-Atlantic totaling nearly $1 billion. Currently, in the DC area it is redeveloping two former public housing projects as mixed-income communities and has just held a ribbon-cutting ceremony for a third.

The company is developing a 600-unit project in Ward 8 on Alabama Avenue; it has already delivered almost 400 units of rentals and for-sale housing for this roughly $150-million project. Mid-City Urban is also developing 16 city blocks in the Ballpark district close to the Navy Yard. This development will have close to 2,000 housing units, of which 300 have been delivered. There is also 500,000 sf of office space as part of the project, Davis says. The firm has partnered with Forest City Enterprises in this venture.

Source: Globe St.com. View Article.

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