Tuesday, August 24, 2010

Work to resume on stalled residential project near Nationals Park

Construction sites around the Washington Nationals ballpark have been reduced to so many empty lots by the recession, but at least one developer has decided it is time to get started again, reports the Washington Post.

Forest City Washington, the local branch of a Cleveland development firm, said Thursday that, after nearly two years of trying, it is ready to restart construction on a $60 million, 170-unit apartment complex that it initially began work on in 2008 before stopping later that year when credit markets froze.

The luxury apartments will fill a former Navy industrial building a few blocks east of the ballpark, part of a planned 42-acre Forest City development called the Yards on the site of the former Southeast Federal Center. Ultimately, the apartments will be surrounded by office buildings, retail outlets and more than 2,000 other housing units. The city is near completion on a 5.5-acre public park there.

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