Perseus TDC Bringing New Multifamily Project to DC’s Logan Circle
By Keith Loria July 27, 2021 1:54 pm
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Perseus TDC, an affiliate of Transwestern Development Company, is moving forward with its multifamily development in Washington, D.C.’s Logan Circle.
The company will begin construction of 15th and S, a 114,878-square-foot, 158-unit multifamily development at 1732 15th St NW, this week.
“The occupancy rate and rental rates are the strongest in the Logan Circle/14th Street corridor in all of Washington, D.C.,” Adam Peters, Perseus TDC’s regional partner, told Commercial Observer. “There are nearly no new projects in the pipeline for this sector of D.C. This project meets the current needs and future demand, and helps new D.C. residents live in this highly sought-after submarket.”
The five-story property, which is being developed with equity partner Allstate Insurance Company, is slated for completion in the spring of 2023. Hickok Cole will serve as the project architect and Harvey-Cleary Builders will handle construction.
15th and S will feature a fitness facility; a business center; and a rooftop recreation area complete with grilling stations, a pool and a 10,000-square-foot garden. It will also offer 108 below-grade parking spaces.
“This project delivers end-to-end amenities including parking, fitness, an outdoor courtyard, an entertainment room and a rooftop pool,” Peters said. “There are a great variety of unit types that will meet all sectors of the rental market.”
The location is just steps from the 14th Street corridor, which delivers ample dining, nightlife and grocery amenities. It is also accessible to the core business district and Metro line.
The development site is currently utilized as parking for The House of the Temple, which serves as the headquarters of the Scottish Rite of Freemasonry, Southern Jurisdiction in the U.S., and includes a historic carriage house.
According to Peters, with the site’s location inside the 16th Street Historic District, it required approval from the Historic Planning Review Board. The development is considered by-right and will adhere to the area’s existing zoning code. Under the terms of the agreement, the project will be developed as a ground lease with a primary term of 99 years.
