The Park Morton Redevelopment is anticipated to be completed in 3 phases. Each of the phases (Phases 1 and 2 – Park Morton Proper; Phase 3 – Bruce Monroe) will be financed utilizing tax-exempt bonds (debt), equity from the sale of LIHTC (4%), New Communities Initiative gap financing, and deferred developer fee.
Leveraging its track record of developing and preserving complex affordable housing communities, Dantes Partners, in partnership with The Community Builders, was selected to redevelop the Park Morton public housing complex in the Park View neighborhood of Washington, DC – a targeted site of the District’s New Communities Initiative. The 456-unit redevelopment will be completed in multiple phases creating a mixed-income community consisting of public housing, affordable and market-rate units; and features 1-for-1 replacement of the existing public housing units. Park Morton Proper will serve as the first and second phase of the redevelopment. Phases 1 and 2 will be developed on the site of the current Park Morton Public Housing development and will include 142 multifamily units and 41 townhomes, 40 of which will be public housing replacement units. Phase 3 will include 273 units, 90 of which will be public housing replacement units. The $200 million redevelopment is slated to begin in 2022. The DC Housing Authority is a joint venture development partner and co-owner. The project will be funded by DC Housing Finance Agency, New Communities Initiative Fund – via The Deputy Mayor of Planning and Economic Development and 4% LIHTC equity.
Park Morton will become part of a new mixed-income and mixed-use development along highly trafficked Georgia Avenue Corridor. This includes a proposed new development utilizing a city-owned site to create a mixed-income community that includes replacing all of the existing units at Park Morton, and the redevelopment of the existing Park Morton Site.
600 Park Road
- 456 units
- 4,500 GSF of Retail/Community Space
- Closing Date, Phase 1: Q4 2022