As part of the development deal for the location at 60 I Street SW, Foulger-Pratt will build an approximately 17,000-square-foot church sanctuary for the Bethel Pentecostal Tabernacle Assembly on the ground floor of the seven-story building.
The church owns the property and arranged a long-term land lease with Foulger-Pratt. By owning the land, the church can benefit from future price appreciation in the neighborhood. Eliminating the need to acquire the land offers substantial savings for the developer. In addition to a construction loan of $43.2 million from Eagle Bank, the $72 million project received funds from investors. Among the investors are 456 individuals from CrowdStreet, a crowdfunding commercial real estate investment marketplace.
The apartments will have an average unit size of 672 square feet, with rents anticipated to be more affordable than similar apartments in the neighborhood because of the lower cost to build the property. The developer is targeting young professionals and couples with young children looking for “affordable luxury.”
In addition to the market-rate apartments, the building will have inclusionary zoning units available for renters who meet income qualifications for affordable housing.
Residents are anticipated to move in during the fall of 2023 to the Venture on I. The apartment building is designed by Torti Gallas Urban architects, while the church sanctuary is designed by FormDesign.
Venture on I is within a half-mile from the Navy-Yard-Ballpark Metro station and a half-mile from the Waterfront Metro station. Nearby commuter routes include Interstates 395, 695 and 295.
Adjacent to the apartment building is Lansburgh Park, which has picnic pavilions, basketball courts, a playground, a dog park and a community garden.
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