At first glance, it’s an odd pairing for this $9 million development in Adams Morgan. But positioning a nonprofit focused on affordable housing in the same complex as million-dollar condos has been a success, said officials involved with the project in the Adams Alley building.
“We were quite concerned about the mesh of cultures, of our clients and the people that live in the building,”said Marian Siegel, executive director for the D.C.-based nonprofit Housing Counseling Services, “but we’ve had no problems. We can’t stop all luxury developments, but we want our clients to benefit from this real estate boom.”
The nonprofit moved into Adams Alley — a mixed-use development that includes 12 condo units from $725,000 to $1 million — several months ago. The official dedication of the building, which includes 18,000 square feet of office space for nonprofit organizations, was scheduled for Thursday evening.
Aptly named for its unique location, Adams Alley — located just off 17th Street — is the first development in the District to be constructed in an alley.
The project fits with the District’s master plan to support Adams Morgan as a residential area. Even so, the process of rezoning the building — which used to be an abandoned warehouse — for multifamily use took more than a year. In the end, the developer, Adams Investment Group, agreed to include space for nonprofit organizations — as opposed to the commercial businesses that typically anchor mixed-use projects.
The nonprofit residents will pay rent for the space, Holmes said, but at a below-market rate. The deal enables Adams Alley to both give back to the community and operate in the black.
Adams Investment Group “is doing something for the community,” Holmes said. “It’s allowing Housing Counseling Services to reach their goal while still being a profitable company.”
IN THE PORTFOLIO
The Adams Investment Group development portfolio:
In Adams Morgan:
» The Gramercy Lofts
» The Greenwich
» Adams Row Condominiums
In Dupont Circle:
» Dupont Renaissance
» The Paddington
On Capitol Hill:
» UnionSquare Condominiums
» The Saratoga
» 721 E St. NE
