Capitol Lofts Project Tax Credit finacing approved today! After more than a decade in the works, this adventure is finally going forward!
At 2pm this afternoon the Tax Credit Financing for the Capitol Lofts project was approved by the State Tax Credit Allocation Committee. Less than half the projects – all scoring ‘maximum points’ in the CTAC vetting process – were funded due to limited resources.
This site on R Street between 11th and 12th has been stalled on the ‘launch pad’ for development for nearly a decade an a half. As the previous development efforts had been stymied, in December of 2011, CFY Development Inc led by Cyrus Youssefi and his son Ali teamed with Michael F. Malinowski’s Applied Architecture Inc and attorney Pat Sabelhaus to take a fresh look at this landmark site. This is the same development team behind the award winning Globe Mills and Historic Hotel Stockton historic adaptive reuse projects.
The concept funded today includes 116 units of rental housing, which range from studio mezzanine lofts to three bedroom 2 bath family sized apartments; both affordable and market rate rents. There will also be over 14,000 sq ft of streetfront retail. The historic six story warehouse is brought back to life; supplemented with new construction on the adjacent ‘pit’ that combines two levels of parking with a multi story 60 ft high new building wrapped in brick.
An ‘art’ theme flows through the project that ties it to the emerging Arts District of the R Street corridor. At the heart of the project – where the National Register qualified historic building meets the new lofts – is a large terrace covered with a Japanese maple forest, illuminated at night with firefly lighting that will be quietly mesmerizing.
The design was presented to the public on June 11th to a very positive reception; a synopis of the presentation is on the CADA website.