Monroe Street Market Enters Bond Release Phase
Monroe Street Market in Brookland may look complete, but the project is far from finished.
Pritzker Realty Group, the developer spearheading the final phase of the Northeast D.C. development, has finished constructing the mixed-use property, yet the project is far from complete. Now comes the arduous task of bond release.
Before Pritzker can put a bow on this project, they must work with local and state authorities, inspectors, punch work contractors, their surety, and countless others to complete the complex bond release process. Unique to each project and locality, the process can quickly become overwhelming. Some developers choose to traverse this process independently, while many rely on local experts to help navigate bond management. With firsthand knowledge of local operations and existing relationships with jurisdictional authorities, the local experience can often expedite the return of a developer's bond.
As a regional leader in bond release management, our experienced team has led bond release projects for hundreds of real estate developments across the D.C. Metro Area, including Insight Property Group's The Apollo, Brasfield & Gorrie's Haymarket Medical Center, and Equity Residential's The Veridian. We're happy to share we're working with Pritzker Realty Group to help secure bond release for their Monroe Street Market development.
Situated just south of the Catholic University of America and a short walk to WMATA's Brookland Metro station, Monroe Street Market first opened in 2013. Abdo Development and Bozzuto led the development of the first four multifamily buildings. The initial phase has already brought a mix of food, beverage, and entertainment options to the burgeoning neighborhood.
Pritzker's contribution to the development is located at the corner of Eighth and Monroe Streets NE. The mixed-use development hosts 156 apartments and 16K square feet of retail space. The complex's lobby separates the building's two retail spaces. The Seventh Street corner boasts more than 13K square feet of retail, while the Eighth Street corner comes in at just under 3K square feet. There has been no word yet on retail tenants.
As Pritzker and partners shift their focus from construction to leasing and occupancy, our work now begins. Our bond management team will start by confirming all active bonds associated with the project. After meeting with representatives from various jurisdictional agencies, we'll map out a strategic plan for the project. Next, our experienced team will collect, organize, and submit all required documentation to the jurisdiction. To further expedite the process, we will call on our "sister company," Muller, Inc., to complete any required onsite punch work. Lastly, we'll facilitate the final release of the bonds to Pritzker and their surety.
What seems like a straightforward process is far from reality. This deeply involved process can stretch out over months and sometimes years. That's why many developers turn to a trusted and experienced bond management team like us.
Contact us today to discuss your next project.
About DFM Development Services, LLC – Bond Management Services
Our experienced Bond Management team has led bond release projects for hundreds of real estate developments across Maryland, Virginia, and the District of Columbia. Our past projects include Insight Property Group's The Apollo, Brasfield & Gorrie's Haymarket Medical Center, Equity Residential's The Veridian, and Brookfield Office Properties' Reston Crescent. Visit www.dfmdevelopment.com to learn more.
Email: firstname.lastname@example.org | phone: 703-942-8700.