Chevy Chase, MD
The Lindley, a new luxury, mixed-income multifamily building in the heart of Chevy Chase, is the result of a unique public-private partnership between EYA and Montgomery County’s Housing Opportunities Commission (HOC). Part of an effort to capitalize on the forthcoming Purple Line development and create financially self-sustaining affordable housing for HOC, the Lindley connects low- and moderate-income households to education, employment, and transit in a high-opportunity neighborhood.
The new 200-unit, LEED Silver-certified multifamily building is part of a larger five-acre community that includes a new public park, private street, and 62 high-end, for-sale townhomes (including 10 townhomes reserved households at or below 60% of AMI). While the Lindley was completed in 2019, planning began in 2013 and involved a comprehensive two-year engagement process that culminated in unanimous approval of the site plan. Forty percent of the Lindley’s 200 units are income-restricted, with 40 reserved for households at or below 50% of AMI and another 40 workforce units; the remaining 120 units are unrestricted. None of the income-restricted units have subsidies attached; they are internally subsidized by the market rents.
The major source of equity funds for the Lindley’s $75 million development was the sale of the market-rate townhomes. The joint-venture between HOC and EYA was structured to maximize land values, with HOC deferring land payments until townhome settlement. The Morris and Gwendolyn Cafritz Foundation provided the balance of funds, eliminating the need for tax credits and direct subsidies. Cafritz will maintain an economic interest in the deal through stabilization, facilitating HOC’s full ownership of a high-value, income-producing asset. The building is among the first of its kind to include private equity as a major funding source.
Foulger-Pratt acquired a 1.80-acre site in the NoMa/Eckington sub-market in NE Washington, DC which we are developing into a 327-unit community above 12K SF of retail. The urban infill site is a short walk to the NoMa/Gallaudet Metro and Union Market. We are excited to deliver a luxury apartment community to a sub-market that is poised to offer a strong retail, dining, and entertainment scene, and is rapidly evolving into one of DC’s hottest neighborhoods.
As a part of Foulger-Pratt’s commitment to affordability, we are thrilled to be working with CulturalDC on this project to support DC’s creative class through providing artist live-work units. Four of One501’s twenty-three affordable units have been specifically set aside for area artists and feature dedicated studio space in addition to communal studio space elsewhere in the building. Foulger-Pratt is committed in its support of local arts, and we seek to cultivate an artistic community at our One501 project.