The city’s efforts to preserve and rebuild the old downtown neighborhood are coming to an end.
The city is planning to tear down the former National Bank building and replace it with a multi-million dollar apartment complex.
But for the next few years, the city will be renovating and rebuilding the old home, the Metropolitan Arts Building, in an effort to make it a more desirable place to live.
The new development will be called Capitol Hill Crossing, and it will be the city’s largest residential development in more than 20 years.
The project will include a hotel, retail and office space, along with affordable housing for seniors and low-income residents.
The plans for the Capitol Hill Crossings development were unveiled Thursday by Mayor Muriel Bowser and her Economic Development and Housing Commission (EDHC), which is working with the National Capital Planning Organization to build the project.
The development will include hotels, offices, a restaurant and retail space.
The apartments will be located in a residential neighborhood with an eclectic mix of ethnic and religious groups.
The plan calls for an 8,500-square-foot mixed-use complex featuring apartments, a hotel and offices, plus a community center and gymnasium.
The complex will be part of the mixed-income development that the mayor and Bowser are calling for in the District, a region where nearly one in five residents are low- and moderate-income.
Bowser also said she wants to expand the city to include more people of color, who make up about 25 percent of the population.
The EDCHC is a nonprofit, city agency.
The agency has already been looking for a site for Capitol HillCrossings, and Bowser has said she will make a decision on the project soon.
The proposal to tear the National Bank Building down is one of many efforts by the mayor to revitalize the city, but this project is particularly important because it marks a new beginning for the area.
The Federal Reserve Bank of Philadelphia, which is the developer of the site, has been a longtime partner in the area, having opened a bank branch there in 2009.
Bowser is hoping that this new development, along the banks of the Delaware River, will help bring more people to the neighborhood, said John J. Buford, director of the Office of Housing and Economic Development at EDHC.
The Capitol Hillcrossings project is just one of several residential projects that are being developed along the riverfront, including a multiyear, $1.3 billion renovation of the former Northgate Plaza in downtown Washington, D.C. The site was part of a $2 billion renovation project for the building in 2011, but was never built.
Befitting its status as a historic district, the area has been known for its row houses, colonial buildings and the old brick and limestone buildings that were once used for manufacturing and other industries.
Bidders for Capitol StreetCrossings are expected to bid for the $1 billion project in July, according to a statement from the EDHC, which will have to sign off on any final deal before construction can begin.
The $1,000,000 price tag includes construction and environmental costs, according the statement.
The original $1 million bid was submitted last fall and was met with support from a coalition of local residents, including the Washington Monument Association and the D.D.C.-based Capital Neighbors.
The group said it has been involved in the project for years and that it is proud of its work.
But the group said the building’s current condition is not good enough for the new project, and its board recommended that the city “not go ahead with a new development in the neighborhood,” the statement said.
The EDHC is responsible for managing the district, and the mayor said it will make the final decision on which development is to take over the CapitolHillCrossings site.
“We’re not going to wait on this decision,” Bowser said.