City Biz List: FRP & MRP Realty Joint Venture to Develop Bryant Street in NE DC
FRP & MRP Realty Joint Venture to Develop Bryant Street in NE DC
MRP Realty, developers of commercial, residential, and mixed-use real estate across the Mid-Atlantic region, and FRP Development Corp, Inc., a full-service real estate company, today announce the formation of a joint venture to develop Phase I of Bryant Street, a mixed-use development in Northeast Washington, DC.
Bryant Street is a mixed-use, transit-oriented development on Rhode Island Avenue adjacent to the Rhode Island Metro Station (Red Line) and within a designated Opportunity Zone in Northeast Washington, DC.
“Bryant Street will ignite the transformation of this 13-acre site that residents—whether in Northeast or seeking to move there—have needed and wanted for many years,” said MRP Principal John Begert. “MRP has been active in bringing high quality homes and dynamic retail to similar underserved areas across the District and it will be exciting to bring this highly amenitized and multi-modal neighborhood to life. Edgewood and the surrounding communities near Bryant Street have a rich history and we hope we can build on the great offerings that already exist.”
This first phase will feature three mid-rise buildings with 490 multifamily units, a nine-screen Alamo Drafthouse Cinema, and an additional 40,390 square feet of ground floor retail. The first phase of Bryant Street will include significant public realm improvements including a plaza, a new urban grid, a dog park, a market building, ample outdoor seating for the public, and an improved Metropolitan Branch Trail including Metro pedestrian access adjacent to the site. At full build-out, the overall Bryant Street project will feature over 1,650 residential units and 250,000 square feet of retail on a 13-acre site in the heart of Washington, DC, adjacent to the Red Line.
“Having worked with MRP on Dock 79 and The Maren, two similarly high-impact developments in what was a fallow area along the Anacostia River near National’s ballpark, we are confident in our strategy for providing the ideal combination of retail, entertainment and restaurants alongside a robust suite of housing options,’ said David deVilliers Jr., FRP Development Corp President. “The location has virtually unparalleled access from walking, biking and scooters, to buses, subway and automobiles – at a true central nexus of the District.”