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D.C. Retail Site Receives $89M In Bank Funding

D.C. USA, a 500,000-square-foot retail complex slated for the Columbia Heights neighborhood of Washington, took a major stride forward last week when it received $89 million in construction financing.

NEW YORK — D.C. USA, a 500,000-square-foot retail complex slated for the Columbia Heights neighborhood of Washington, took a major stride forward last week when it received $89 million in construction financing.

The complex is being developed by Grid Properties and Gotham Organization, which received the financing from Citicorp. The Development Corp. of Columbia Heights also is involved in the project, which carries a total price in the range of $140 million.

A 173,000-square-foot Target will anchor D.C. USA. The store will have a nontraditional design with an entrance on the ground floor and selling space on the second and third floors. Other tenants will include Marshall’s, Best Buy, Bed Bath & Beyond, Radio Shack, Vitamin Shoppe, Caribou Coffee and Washington Sports Club. Nearly 50,000 square feet of space has yet to be leased.

D.C. USA will occupy five acres on 14th Street NW near Park Road in the Columbia Heights neighborhood, which was targeted by the city for revitalization several years ago. A revival already has begun, according to Barry Greenberg, a director at Newmark Knight Frank, who coordinated the leasing of D.C. USA.

This story first appeared in the February 21, 2006 issue of WWD.  Subscribe Today.