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Venture on I Update 05/31/22

Venture on I to Break Ground

Foulger-Pratt will develop a 197-unit luxury apartment community at 60 Eye Street SW in the bustling Navy Yard neighborhood. The seven-story building will be constructed on land leased from the Bethel Pentecostal Tabernacle — Assemblies of God church. Then $72 million development will feature a 17,000-square-foot sanctuary for the church on the ground floor of the apartment building.

The company sourced $16 million of equity on CrowdStreet, with 456 individual investors investing in the project. Eagle-bank also loaned $43.2 million on a construction loan.

The developers are targeting a demographic of mixed professionals and couples with young kids who want to be close to neighborhood amenities, the company said in a statement.

The development is located a half mile from both the Navy Yard-Ballpark and Waterfront Metro stations, adjacent to the apartment building is Lansburgh Park, which features picnic areas, basketball courts, a playground, a dog park and a community garden. Venture on I is set to deliver Q4 2023.

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