MVT: MRP and JBG Companies Agree To Jointly Develop Mixed-Use Development Site at 965 Florida Ave

In what can only be described as a great deal for the residents of Shaw, MRP (who won the deal to develop the site owned by DC) and JBG (who was the most popular bid with the residents) have announced a joint venture in developing the site at 965 Florida Ave NW.

A rendering of the proposed development at 965 Florida Ave. NW    -   PGN Architects PLLC

 Here is the Press Release in its entirety;

Washington, D.C. (Feb. 3, 2014) – MRP Residential and The JBG Companies today announced they have signed a letter of intent to form a joint venture to develop MRP's recently awarded Office of the Deputy Mayor for Planning and Development (DMPED) site, 965 Florida Ave. NW, located in the District’s Shaw neighborhood.

MRP Residential and partner Ellis Development Group, will develop the property to mixed-use of approximately 370,000 square feet, including 50,000 square feet of ground-floor retail.

The partnership furthers the DMPED office goals of creating a synchronized, mixed-use development that stitches together multiple parcels in an area that could see over 1 million square feet of new development. JBG and MRP will work together to optimize the development and believe significant value will be created for the community through this cooperative process. JBG, in addition to its development team collaborating with MRP, will provide development capital for the project.

“In the joint venture with The JBG Companies, MRP Residential will provide more high-quality amenities and services, further enhancing the Shaw neighborhood,” said Matt Robinson, principal of MRP Residential. “Additionally, with Metro access and proximity to Howard University, this will be a highly desired address for residents of this dynamic neighborhood.”

“The JBG/MRP co-development team plan to work with District officials and members of the community and plan to provide a W Street connection and bring a full-service grocery to the neighborhood,” said James Iker, a managing partner with JBG. “Our partnership has crafted a venture that will deliver these critical neighborhood needs and meet established city goals to transform the area. We are excited to be working again with MRP.”

As part of the planning process, the joint venture partners are continuing to work diligently
together to address community requests from the RFP process.

 From Urban Turf Blog. Update: From MRP Residential spokesperson Julie Chase: “We have not signed any leases, but a grocery of that quality and scale is what we are targeting.”

So there you have it....looks like Shaw is about to get a Harris Teeter store. The Badwolfdc Blog will be following this closely over the coming months.