Wesley Housing, joined by D.C. housing officials, development partners and residents, cut the ribbon Thursday on the $61.5M expansion and renovation of One Hawaii at 1 Hawaii Ave. NE. Residents started moving in last month.

The project, which more than doubled the previous building’s 34 units, was the result of a Tenant Opportunity to Purchase Act process. Wesley Housing purchased the property in March 2018 on behalf of its residents.

The 70 units are reserved for individuals and families earning between 30% and 80% of the area median income. All former tenants in good standing have the right to return, and the development team said 10 households plan to do so.

The development was financed through federal and D.C. low-income housing tax credits, solar tax credits, tax-exempt bonds, a Freddie Mac permanent loan and funding from D.C.’s Housing Production Trust Fund. Rental assistance comes from the DC Housing Authority’s Local Rent Supplement Program.

“One Hawaii shows what’s possible when residents lead and the District brings every tool to the table,” Department of Housing and Community Development Director Colleen Green said in a release. “Through a strong mix of local, federal and private financing, we’re delivering the kind of vibrant, affordable housing District residents deserve.”

LEASES

Eastbanc and Acadia Realty Trust landed a swimwear retailer in Georgetown. Frankies Bikinis is taking 1,500 SF at 1238 Wisconsin Ave. NW. It’s the first D.C.-area location for the California-based brand, which has stores in California, New York, Chicago and Miami. The shop opens Friday.

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