Big-Name Investors Drawn to $600M OZ Development in DC Wards 7, 8

A $600-million multi-phased Opportunity Zone development project expected to bring new jobs and economic vitality to underserved communities east of the Anacostia River has attracted the investment attention of Actaris Impact Investors, LLC, Asland Capital Partners and the Goldman Sachs Urban Investment Group.

Investment amounts were not disclosed.

The full project, Northeast Heights, will deliver 241,000 square feet of office space, 130,000 square feet of retail and restaurants, a 70,000-square-foot community grocery store, and 1,355 residential units across 13.3 acres in DC’s wards 7 and 8.

The first phase is a $150-million office building in the Benning Road neighborhood that when completed in December 2022 will serve as new headquarters of the DC Department of General Services and its 700 employees.

DSG was the first city agency to sign a contract for office space under DC Mayor Muriel Bowser’s mandate for city agencies to use the leasing power of the DC government to spur economic development in historically underserved communities, which served as the catalyst for investment.