What is Parcel42?
The District of Columbia is deciding what to build on Parcel 42, a currently vacant parcel of land located on the corner of 7th and Rhode Island Avenue. This is your chance to get involved and have a voice!
How will this impact me?
“Forgo the Predictable, Blend the Unexpected!”
The Principian Ventures project for Parcel42 will go above and beyond the typical offerings to:
Create Living Wage Jobs – 75 of them! 80% long-term, career oriented
Affordable Housing – 100% of the units will be offered at 50% AMI individuals in perpertuity
Education - Principain Ventures will offer (5) $2,000 scholarships each year to students pursuing management/hospitality degrees.
Education – Internships for students from Hospitality High to create long-term career paths from interns to managers, and possibly owners!
Unique Retail - Signed LOI from Milk & Honey – An innovative and compelling market/grocer and job creator
World Class Design – A promise to create and execute an iconic community focused building
Parking - 74 spaces, including 20 valet spaces.
Tot Lot - We will create and maintain a community playground on the adjacent vacant land
Life Changing Jobs!
The Hospitality project we propose means permanent jobs for YOU!
- Over 300 construction jobs
- Over 75 permanent jobs in Hotel & Retail uses
- Scholarships and internships for students in Hospitality
Meet the TEAM: Why Principian?
Development Team:
Leader Partner – Baywood Hotels
Co-Developer – Dantes Partners
Equity Investor – Baywood Hotels
Debt Financing – EB5 Capital
Parking – U Street Parking
Retail Management – Menkiti Group
Retail Tenant – Milk & Honey
OPX - Project Architect
Team Qualifications
Collectively our team has accomplished the following:
- Transformed Communities Through Thoughtful and Patient Approach to Real Estate and Economic Development, Design, and Financial Investment.
- Delivered 62 Hotels; in business since 1975
- $800M in assets
- Financed & Developed 511 Affordable Housing Units
- Manage Over 65,000 Parking Spaces in Major Airports
- Developed Over 200,000 Sqft of Neighborhood Commercial and Workforce Housing Units
- Invested over $675MM in Washington DC Real Estate Projects!
