by Jeff Clabaugh
Chevy Chase-based Federal Capital Partners and D.C.-based Level 2 Development LLC have formed a joint venture to develop an apartment and retail project near the Takoma Park Metro station.
The companies say the mixed-use project, called Takoma Central, will have 156 apartments and ground-floor retail. The project is at 255 Carroll St. NW. Federal Capital Partners estimates the cost of the project at $36 million.
Phase 1 construction has already begun, and Phase 2 will begin later this year, Federal Capital Partners says.
"Takoma Park is a high barrier to entry, metro market with little to no new apartment supply projected in the future," said FCP's vice president of residential development, Wade Casstevens. "We believe Takoma Central will enhance the village environment that distinguishes Takoma Park from other D.C. Metro station communities."
The project is expected to be completed by the end of 2013.