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New JV’s $25M Waterfront Station II in DC Sets Aside 30% Units for Income-Qualified
Grosvenor Americas has formed a joint venture with Hoffman & Associates to build Waterfront Station II, a 449-unit mixed-use, mixed-income development with 29,000 square feet of retail. The $25-million project is located on 4th Street in Washington, DC.
Affordable housing is priority for the Waterfront Station II project and was made possible through a partnership with AHC Inc., an affordable housing developer that works across DC, VA and MD.
The 12-story property’s residential component includes studio, one- and two-bedroom units, 30% of which (136 units) are set aside for income-qualified households, a proportion of units designated for affordable housing is more than twice as high as the regional average. Sixty-eight units will be available to households earning 30% of the area median income and 68 for households earning 50% of the area median income.
Waterfront II is located near Hoffman & Associates’ The Wharf, a $3.6 billion mixed-use neighborhood.
Photo: Hoffman & Associates
- ◦Development
