At Tuesday night’s MVSNA meeting Steuart Development provided an update to the community on the status of their properties within the Mount Vernon Triangle.
The Square 483 property (K Street b/w 5th and 6th) will be on hold for the forseeable future as office tenant demand is lacking. However the encouraging news was that Steuart is in position to move forward soon with a matter of right development on lot 62 of Square N-515.
- Partner with Paradigm to develop a 14 story 390 unit luxury apartment building
- Financing close and project could begin as soon as September
- Would take approximately two years to build and one year to lease out
- Shape of ground floor plate similar to Meridian at Gallery Place (another Paradigm property) in that it features a semi-circle driveway with garage access (on L Street)
- Building will have prominent pedestrian entrances on both L Street and New York Ave
- Ground floor retail is not planned
- Remainder of Steuart’s Square N-515 parcels, along 4th Street, would be developed at a later date.