MRP Residential and The JBG Cos. have signed a letter of intent to form a venture to develop a District-owned site in the U Street Corridor.
MRP and partner Ellis Development Group, will develop a mixed-use property of about 370,000 square feet, including 50,000 square feet of retail, at 965 Florida Ave. The site is controlled by the Office of the Deputy Mayor for Planning and Development.
The District's goal is to stitch together multiple parcels in an area that could see over 1 million square feet of new development.
JBG, in addition to its development team collaborating with MRP, will provide development capital for the project.
The team plan to work with District officials and the community to provide a W Street connection and bring a full-service grocery to the neighborhood, said James Iker, a managing partner with JBG. The joint venture is working to address community requests from the RFP process.