Toll Brothers Apartment Living and L+M Development Partners Celebrate Unveiling of New Name and Brand for 1,100-unit Multifamily Development in NW Washington D.C.
Banner Lane pays homage to building a community that embraces inclusivity, honors history and fosters engagement.
Washington D.C. (September 23, 2021) - The development team of Toll Brothers Apartment Living and GSLM Capital Partners, a venture of L+M Development Partners and Urban Investment Group within Goldman Sachs Asset Management, unveiled Banner Lane, a vibrant, new residential community that is taking shape in the heart of Washington, DC at the nexus of NoMa, Mount Vernon Triangle and Shaw – three of the fastest growing neighborhoods Northwest of Union Station.
The development team outlined its vision for the Banner Lane community, located on the former site of the Sursum Corda Cooperative, as a place that fosters community spirit by celebrating diversity and embracing inclusivity while encouraging engagement and offering residents a sense of belonging within their own neighborhood.
“We are thrilled to have the opportunity to write a new chapter for this historic neighborhood,” said Charles Elliott, president of Toll Brothers Apartment Living. “Banner Lane will realize our vision to develop a brand that will embody authentic, local character and stand out as a genuine place that embraces local culture, arts, and District pride.”
Banner Lane is a multi-phased project that, at completion, will bring 1,100 residences including 199 affordable housing units and up to 19,000 square feet of retail across four buildings, which will be completed in two phases.
“This is truly an honor to create such a special community,” said Ron Moelis, chief executive officer and founding partner of L+M Development Partners. “Our team worked very closely with Lonnie Duren and the Sursum Corda Cooperative to ensure we listened to their needs and suggestions. Our collaboration is a testament to the core values of this new community.”
The new 6.7-acre development is one of the largest active developments in the District and is bounded by M Street NW to the north, L Street to the south, First Street to the west and First Place to the east. Banner Lane, a new street for which the community derives its name, will connect First Street and First Place.
Phase one is currently under construction and will deliver 561 apartment homes, of which 118 will be affordable, with a mix of studio, one-, two-, three, and four-bedroom floorplans in two residential buildings.
• The southwest building along First Street will comprise 216 apartment homes and feature health and wellness-centered amenities including a cardio and weightlifting gym, a yoga and cycling room, an outdoor yoga deck, locker rooms and a pet spa. There will also be a children’s playroom, a co-working lounge, a pool on the second floor with cabanas and seating overlooking the community park.
• The southeast building will include 345 apartment homes and feature community-driven amenities including a coffee bar, a large co-working space, maker space, game room, full-service kitchen and dining room, a greenhouse equipped with gardening stations and indoor greenery, and a rooftop deck with indoor and outdoor spaces
In addition to the 25,000 square feet of resident amenities, this phase also includes one acre of public open space. Phase I is anticipated to begin leasing in 2022. The second phase, which includes the north parcel of the site, will deliver the balance of affordable and market rate units and retail.
The property was acquired from the Sursum Corda Cooperative in 2018 and was approved unanimously. By the D.C. Zoning Commission in 2019. As part of the agreement, members of Cooperative will have the right to return to 127 apartment homes in the first phase of Banner Lane.
ABOUT TOLL BROTHERS APARTMENT LIVING®
Toll Brothers Apartment Living is the apartment development division of Toll Brothers, Inc. (NYSE: TOL). Toll Brothers Apartment Living is bringing the same quality, value, and service familiar to luxury home buyers throughout the country to upscale rental communities in select markets, including Atlanta, Boston, Dallas, Los Angeles, New York, Philadelphia, Phoenix and Washington, DC. Toll Brothers Apartment Living was ranked 11th largest apartment developer in the U.S. in 2020 by the National Multi-Family Housing Council. The firm has developed more than 8,100 units, has more 54,300 units under management and controls a national pipeline of more than 14,800 units. Toll Brothers Apartment Living communities combine the energy of vibrant locations with unparalleled amenities, resident services, design, and the expertise of the nation’s leading builder of luxury homes.
For more information visit TollBrothersApartmentLiving.com
ABOUT L+M DEVELOPMENT PARTNERS
Since its inception in 1984, L+M Development Partners Inc. has been an innovator in developing quality affordable, mixed-income and market-rate housing, while improving the neighborhoods in which it works. A full-service firm, L+M works from conception to completion, handling development, investment, construction and management with creativity that leads the industry. L+M is responsible for approximately $10 billion in development and investment, and has acquired, built or preserved nearly 35,000 high-quality residential units in New York’s tristate area, Washington, DC, the West Coast and Gulf Coast regions. Community leaders, government officials and institutional investors turn to L+M because of its consistent track record of excellence. L+M is a double bottom line company, where its success is measured not only in financial returns but also by positive impacts. L+M takes pride in its long-standing partnership with the communities it serves, demonstrated through an annual scholarship fund, workforce development programs, after-school programs, and substantial support for local nonprofits. L+M brings a superior level of commitment to its investments in developments, and equally important, to its investment in people.
For more information, visit lmdevpartners.com.
ABOUT URBAN INVESTMENT GROUP WITHIN GOLDMAN SACHS ASSET MANAGEMENT
Established in 2001, the Urban Investment Group (“UIG”) is a business unit within Goldman Sachs Asset Management (“GS”). UIG deploys GS’ capital by making investments and loans that benefit urban communities. Through its comprehensive community development platform, UIG is a catalyst in the revitalization of underserved neighborhoods. Since its inception, UIG has committed over $10 billion, facilitating the creation and preservation of over 42,400 housing units - the majority of which are affordable to low, moderate, and middle-income families - as well as over 2.8 million square feet of community facility space and over 11.2 million square feet of office, retail, and industrial space.
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