The project will include 405 luxury apartment homes, a 200-seat performance theater, over 35,000 square feet of retail space, and approximately 600 parking spaces. It will also include historical elements, including the Clara Barton building.
Construction is scheduled to begin early next year.
JPI was awarded the development through a nationwide request for proposals completed by the General Services Administration earlier this year. The tenant mix should cater to the luxury apartment residents and provide amenities such as a coffee shop, grocery, health club, dry cleaner, and restaurants. The JPI Mid-Atlantic Regional Office was a key player in finalizing the partnership with Madison Retail Group, LLC and will oversee the development of the Penn Quarter Project. The JPI Mid-Atlantic office has over 2,300 units under construction and is also currently pursuing opportunities in Pennsylvania, Virginia, Maryland, Ohio, and North Carolina. JPI is one of the nation's largest apartment developers, providing acquisition, development, construction, property management, asset management, leasing, and disposition services for its apartment communities nationwide.