Developers Secure $51M to Begin Construction on MLK Gateway
Updated: Oct 22, 2021
Published article in Commercial Observer August 18, 2021 by Chava Gourarie
The second phase of the MLK Gateway development in Anacostia, which will be home to Washington, D.C.’s Department of Housing and Community Development (DCDH), has secured $51 million in financing to move the project forward.
The mixed-use development, a partnership between The Menkiti Group and the Office of the Deputy Mayor for Planning and Economic Development (DMPED), will include office and retail components at the gateway between Downtown D.C. and the east side of the Anacostia River.
An additional $8 million loan was provided by the Black Economic Development Fund, a $250 million fund managed by the nonprofit Local Initiatives Support Corporation (LISC).
The financing behind a project like MLK Gateway is impressive, but once funding is secured, strong construction planning becomes just as important. With a mixed-use development, coordination between different disciplines, sequencing, procurement, and site logistics can have a major impact on whether the project stays on schedule and within budget. I’ve found that reviewing these practical issues before construction starts can prevent expensive changes later, which is why building construction project management is relevant for anyone looking at the delivery side of major development projects.