Bridge District
Update
10/31/22
Redbrick Lands Loan on First Phase of Bridge District Development
Redbrick LMD has obtained a $142.5M construction loan for the Bridge District, the 2.5 million-square-foot development on the former Columbian Circle neighborhood.
The first building, The Douglass, is a 757-unit, 740,000 sq. ft. apartment building.
Redbrick began work on the site in May of this year.
The financing is 40% loan-to-cost, suggesting around $350M of work for the initial phase.
The Douglass includes 80 affordable units and over 40,000 sq. ft. of retail space. The first units will deliver by the end of 2024, with completion scheduled for mid-2025.
Future phases include a 650-unit and a 300-unit apartment buildings, as well as two other commercial buildings.