December 10, 2021
The Westerly (previously called Waterfront Station II) is an innovative mixed-income, mixed-use project in Southwest Washington, D.C. It will include 450 homes, including 136 apartments (30% of the total units) that will be deeply affordable and available to households earning less than 50% of the area median income (AMI). Half of those will be set aside for households earning less than 30% of AMI. The $179.5 million project was strategically developed so the market units help subsidize the affordable apartments.
The affordable housing units were financed using both 4% and 9% Low-Income Housing Tax Credits (LIHTC). Ninety-four of the total affordable apartments are credited to the 4% LIHTC, while 42 of the affordable units are attributed to the 9% LIHTC. Land acquisition occurred in 2020, with a 99-year ground lease with the District’s Office of the Deputy Mayor for Planning and Economic Development.
Located in the heart of Southwest D.C., The Westerly is situated less than one block from the Waterfront Station green line metro stop and three blocks from The Wharf neighborhood. Upon completion, the 12-story, 400,000-square-foot building will provide a mix of market-rate and affordable residences, and dynamic retailers that will serve the community, including a performing arts/theater space; AppleTree Public Charter School, a DC-based early childhood education provider; and a neighborhood restaurant by Good Company Doughnuts, with an additional 7,000 square feet of retail space available for lease.
The new project is creating committed affordable homes in a neighborhood that is rapidly gentrifying. Conveniently located next to the Waterfront Metro station, the new development will enable hardworking families and individuals to put down roots near jobs, transit and other opportunities they might not otherwise be able to afford.
The Westerly started welcoming new residents in the fall of 2023. It is a joint venture of AHC, Hoffman & Associates, CityPartners, and Paramount Development. Capital partners include Merchants Capital, Grosvenor Americas, and The Richman Group.
Merchants Capital Provides $141M Financing for Mixed-Income Multifamily Development in Southwest D.C., REBusiness Online, 1-21-22
Waterfront Station Phase in Southwest DC Finally Officially Breaks Ground, Urban Turf, 12-13-21