Another apartment and retail development is planned for Route 1 in Hyattsville.
The Rail Yard Apartments will include a 260-unit apartment building with 33,000 square feet of ground-floor retail along Route 1 across from the Shoppes at Arts District, according to Bisnow.
The development will be headed by Urban Investment Partners, a retail investment firm that’s done apartment and retail projects near George Washington University and in the U Street Corridor.
“There’s not a lot of profit to be made building new in D.C.,” developer Steve Schwat told Bisnow. “But if you look outside D.C., you’ve got these tertiary markets that still have growth available, and therefore the thought is that’s where you should be investing.”
If successful, the development would be the next major phase of the changes brought by the Arts District to this part of town. If the city chooses to sell the Municipal Building property to developers as well, it’s not hard to imagine the area feeling a lot denser and trendier in a few years.
A second-phase of the project would be built along Hamilton Street, but the developer has not released any details.