A joint venture between Bridge Investment Group, Akridge, National Real Estate Advisors and Blue Coast Capital have started construction on the first phase of The Stacks in Washington, D.C.
Designers for the initial stage of the 2-million sq. ft. mixed-use project include Gensler, Morris Adjmi Architects, Eric Colber & Associates, Handel Architects, West 8 and Lee and Associates Inc.
Bank OZK is providing a $367 million construction loan.
The construction timeline was not disclosed, REBusiness Online reports.
The project’s first phase includes three rental residential towers with more than 1,100 apartments. Once the development is completed, there will be 2,000 residential units, as well as two hotels, public parks and gathering spaces and about 80,000 sq. ft. of retail space.