Plans for a mixed-use housing development in Deanwood just got a funding boost. DC Green Bank has offered a $250,000 loan to the developers of 4276 Sheriff Rd NE. The development will feature 13 affordable housing condos, a co-working space, and a 2,500 sq ft grocery store. Green features of the building include a rooftop solar array, which will save each resident $2,400 over 10 years; and stormwater recycling, which will reduce soil erosion.
While this mixed-use Deanwood development didn't meet its crowdfunding minimum, it just won additional funding from an unlikely source.
The DC Green Bank announced a $250,000 pre-development loan this morning for developer Medici Road to realize its by-right project at 4276 Sheriff Road NE (map). The development will include 13 condos for households earning up to 80% of area median income; co-working space; a headquarters for Medici Road; and 6,800 square feet of retail, including a 2,500 square-foot grocer.
As designed by architect Michael Weincek, the 17,000 square-foot building would include a rooftop solar array and a means to recycle stormwater. It is projected that the solar power would save each resident $2,400 on electricity over 10 years, and the stormwater system would have a 9,000 gallon capacity for each weather event and would reduce soil erosion and pollution by 2-5%.
Medici Road has also received funding from Capital Impact Partners's loan fund; the developer expects to acquire building permits early next year.