Awards of Excellence 2019
60 I Street

60 I Street
Award of Merit
Best Real Estate Transaction Sale or Recapitalization Over $25 Million

Executive Summary

Foulger-Pratt’s 60 I Street project is a unique deal as it involves redeveloping, Beth El Pentecostal Tabernacle Assembly of God Inc. (the Church) as well as adding a multifamily aspect. The Church has been operating on the current land since the 1960s and wished to stay in the community and therefore wanted a transaction that allowed them to retain ownership of the land. Foulger-Pratt and the Church agreed to enter a long-term ground lease with the intention of building a mixed-use, by-right project comprised of approximately 200 rental apartments over a brand new, 2-story assembly space and one level of underground garage in the Church’s current location. The apartment component will have a great easy-access location, but at a lower more affordable price point than what nearby competitors are charging.

This deal presented some challenges on many sides. The Church aspect of this project is what makes the transaction so unique. With the Church occupying a portion of the ground floor the development team must solve for two uniquely different uses that function independently within a cohesive design.

The small footprint of this site also provides additional challenges such as meeting building efficiency goals, storm water requirements and space for mechanical systems. The Development team will employ creative interior design throughout smaller spaces on the ground floor to provide an attractive amenity base that competes with properties in the submarket.

The residential unit size is approximately 50 to 75 SF smaller than direct competitors. The livable space included throughout the mix of studios, ones, and two bedrooms will be carefully considered to maximize usable space. Design options will include smaller kitchens that maintain full size appliances, custom closet systems, reducing mechanical closets within residential units, and opening bedrooms to living space in some unit types.


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