Few places feel more lively these days than Washington, D.C.'s Southwest waterfront. The Wharf has introduced a promenade full of new high-end restaurants, offices, entertainment venues and retail shops to city dwellers and visitors alike.
Now the Southwest D.C. neighborhood is adding more affordable housing.
The Westerly is not some cookie-cutter apartment building, bent on shaving costs to make rents affordable. Instead, its attention-getting design and elevated finishes manage to stand out and blend in with the rest of the building's surroundings in the life-work-play neighborhood while offering 136 of its 449 units at below-market rates.
The development team combined traditional equity investment and other financing with low-income tax credits to fund the nearly $180 million project, including 29,000 square feet of space for neighborhood retail and a charter school.
The Westerly's affordable units are intended to help the city and its environs meet Washington's unique affordable housing goals that establish targets by neighborhood, a first in the nation.
"This development is impactful on several levels: First, it employed a truly innovative financing approach to creating affordable housing that will pave the way for more throughout the country. Second, it followed an intensive neighborhood focus to incorporate true community-serving retail and a charter school with a playground. And third, it serves as an iconic cornerstone of a transforming Southwest neighborhood ... focused on diversity and quality of life," wrote Mara Olguin, chief marketing officer for Dweck Properties.
About the Project: The Westerly takes its name from the building’s distinctive façade with angular balconies echoing the flow of wind and water.
What the Judges Said: Caulley Deringer, managing director at Stream Realty, called The Westerly "vibrant, energetic and meaningful development."
"In addition to its stunning appearance and eye-popping design it also offered a tremendous (and much needed) affordable housing opportunity for the District," he wrote.
They Made It Happen: Hoffman & Associates developed the property. The development team includes Affordable Homes & Communities (AHC), CityPartners and Paramount Development. The general contractor is Clark Construction and the architecture firm is Torti Gallas Urban. Capital partners included Grosvenor Americas, Merchants Capital and The Richman Group, and the project received support from D.C.’s Office of the Deputy Mayor for Planning and Economic Development. The multifamily firm Bozzuto is the property manager.
Senior market manager Nina Thilert contributed.
This story has been updated to clarify who is on the development team and how the project meets city goals.