Emerald Bay Equity has broken ground on the Seven Hills development at 1919 Queen Anne Ave. N., beginning with the tearing down of two existing structures long standing vacant in anticipation of the project.
The much-delayed project is the third piece of the four-part mixed-use retail/residential development group on the top of the hill called The Commons, which includes the finished Sweetbrier and Eden Hill buildings next door and down the block from the Seven Hills site, and the forthcoming Met Market redevelopment directly across the street.
Just last week Emerald Bay Equity, which had been attempting to sell all four properties in The Commons since April 2010, opted to break up the group and sold the completed Sweetbrier and Eden Hill buildings to affiliates of RREFF, a real-estate subsidiary of Deutsche Bank, for $44 million.
Despite the sale, Emerald Bay Equity has continued construction plans with the remaining two developments, securing approval from the Department of Planning and Development to move forward with the Seven Hills project back in May, with plans to begin construction last month. The Met Market redevelopment project is expected to break ground in 2012.
The completed Seven Hills development will be a four-story mixed-use building with 57 residential units, 8,180 square feet of ground-level retail and underground parking for 68 vehicles. For more information on this project, take a look at the DPD’s decision here (.pdf), the design review proposal here (.pdf), and our past coverage.