This article originally appeared on April 28, 2023, published by Washington Business Journal
The business case for The Stacks is clear-cut: A vacant 6-acre canvas next to a Major League Soccer stadium in a hot neighborhood, Buzzard Point, that also happens to be a qualified federal opportunity zone.
And that’s where any semblance of simplicity ends.
D.C. developer Akridge and partner National Real Estate Development were able to get the $643 million first phase of The Stacks off the ground in 2022 thanks to a $367 million construction loan from Bank OZK. That paved the way for three residential towers totaling 1,100 apartment units and 35,000 square feet of retail. Adam Gooch, Akridge senior vice president, and Katie Hartley, National Real Estate director of development, recall a “herculean” effort to get a deal locked down amid Covid chaos and recent market turmoil.
