158-Unit Complex Offers Access to Public Transportation, In-Demand Amenities
July 27, 2021
Washington, DC – Perseus TDC announces plans to begin construction on 15th and S, a 114,878-square-foot, 158-unit multifamily development located in the highly sought-after Logan Circle submarket. 15th and S is a venture between Perseus TDC and equity partner Allstate Insurance Company, with the local office of Hickok Cole serving as the project architect. Led by Harvey-Cleary Builders, construction will commence in July and is expected to deliver in spring 2023.
“The Logan Circle submarket is in high-demand for the area’s young professionals,” said Adam Peters, Regional Partner of Perseus TDC. “By developing 15th and S, we will be able to meet the ongoing demand for best-in-class housing in an area that is currently 95% leased.”
Key elements of the project include:
- 108 below-grade parking spaces;
- A fitness facility;
- A business center;
- An entertainment space with hosting capabilities;
- A rooftop recreation area, featuring grilling stations and a pool and;
- A 10,000-square-foot backyard garden.
Located at the intersection of 15th Street NW and S Street NW, the five-story project is less than a half mile from the U Street Metro Station and is in proximity to Dupont Circle, the core business district and many of the city’s major employers. Additionally, the project is one block away from 14th Street NW, the epicenter of nightlife, restaurants and entertainment for the area’s young professionals.
15th and S will sit on a 44,595-square-foot parcel of land, which currently serves as parking for The House of the Temple and includes a historic carriage house. Given the site’s location within the 16th Street Historic District, the project team was required to secure 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.
Additional partners on 15th and S include Goulston & Storrs Law Firm as the legal services team, GKV as the interior designer and VIKA as the civil engineer.
Renderings are available for download here.
About Perseus TDC
Perseus TDC, an affiliate of Transwestern Development Company, invests alongside its financial partners in well-located Washington, D.C., metro area properties, adding value through skilled entitlement planning, design, risk management and operations. The firm draws upon its principals’ expertise in developing office, hospitality, multifamily, retail and mixed-use real estate, refined through decades of experience. Based in Washington, D.C., Perseus TDC wields the capabilities of a national firm with the dexterity of a local developer. Visit perseustdc.com for more information.
About Transwestern Development Company
Transwestern Development Company (TDC®) creates value through the execution of development projects for itself, its partners and valued clients throughout the United States. Part of the Transwestern companies, the diversified business develops logistics, multifamily, office, mixed-use and healthcare properties, with a pipeline of projects in process or completed since 2012 exceeding $7.1 billion.
Media Contact:
Nataly Torres
713.270.3334
nataly.torres@transwestern.com
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