Progression Place, formerly known as the Broadcast One/Renaissance project is a mixed use development that features 103,000 square feet of office space, 19,000 square feet of retail space, and 205 apartment units. This is a transit oriented construction which will take place on top of the Shaw/ Howard University Metro Station. FHA insured $55,501,100, DC Affordable Housing Trust Fund contributed $2,341,155 and Broadcast Residential Partners (a joint venture between Four Points, Jarvis Company, and Ellis Development Group) added $2,700,000 to finance this project.
US Bank served as the equity investor and Eagle Bank provided a $13,000,000 construction loan, in addition to a $2,931,600 line of credit, and Bank of New York Mellon served as the Bond Trustee.
The 7th Flats at Progression Place
The 7th Flats at Progression place is part of the development project mentioned above. This portion of the project will encompass the build out of 205 luxury residential apartment units with modern amenities for residents. 25 percent of the unit will be reserve for affordable housing. 20 units will be designated for households at 50% AMI, and 31 units for households between 60-80% AMI.
The Offices At Progression Place
This LEED Silver certified office complex will be the national headquarters of the United Negro College Fund (UNCF) once completed. The building will be located at 1805 7th Street, NW and it offers 47,000 of net rentable sq ft.
The Shops At Progression Place
This portion of progression place is designated for retail. The development features 19,000 sq ft of retail space for nine store fronts, as well as 5,000 sq ft for an anchor tenant in the retail bay which will be located on the ground level of The 7th Flats at Progression Place. The following retail tenants are expected to move into the retail space: Eat the Rich, Mockingbird Hill, Right Proper Brew Pub, Fishnets, Uprising Bakery, and SiTea.
