- The Washington Times - Thursday, November 27, 2003

CIG International said this week that it will provide nearly $1.4 million in financing to a condominium and retail complex on the D.C. side of Takoma Park, boosting city efforts to build housing around Metro stops.

The development, known as Cedar Crossing, will feature 49 condominium units and 1,200 square feet of retail, to be built by New Legacy Partners, a Foster City, Calif., developer.

District-based CIG International provided funding to close the gap between the project’s capital expenditures and the amount of money available to New Legacy by lenders.

CIG Vice President Doug Adams said his company was attracted to the project because more than half of the condominium units are already presold, and it fits in with D.C. Mayor Anthony A. Williams’ plan to attract 100,000 new residents to the District within the decade. Much of the new development tied to that plan has been near transit stops.

“Takoma Park is sort of a low-density area,” Mr. Adams said. “There’s no significant vertical construction. The stop at the Metro is the only place where you’ll get a little bit of density … and this succeeds in putting slightly more dense housing.”

CIG has supported the District’s effort to boost affordable housing through subsidies and by requiring some developments to include low-income housing. CIG has also said it believes in providing more competitively priced housing options.

The condominiums at Cedar Crossing range from $160,000 to more than $300,000.

“This falls in the middle … we’re hoping it’s generally affordable for people working in the area,” Mr. Adams said. “We like to call it ‘work force housing.’”

D.C. officials said projects like Cedar Crossing, despite being too expensive for many city residents, indirectly help create housing opportunities for lower-income people because they help increase the tax base.

“It’s really important for people to realize that we need market-rate housing to subsidize affordable housing,” said Chris Bender, spokesman for the Office of the Deputy Mayor for Planning and Economic Development.

In other news …

• The building housing the District’s most lobbyist-laden restaurant has a new owner. SSR Realty Advisors paid $19.98 million, or $277 per square foot for the Jefferson Building, located at 1225 19th St. NW.

The building is home to the Palm restaurant, as well as a law firm and lobbying firm. Cassidy and Pinkard helped broker the sale on behalf of the previous owner, Brickman Associates.

Property Lines runs Fridays. Tim Lemke can be reached at tlemke@washingtontimes.com or 202/636-4836.


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