A new seven-story skyscraper, Venture on I, will rise at 60 I Street South Washington. It will be the home for the Bethel Pentecostal Tabernacle - Assemblies of God which is around 17,000 square feet on the ground floor of the 197-unit building.
This development is under Foulger-Pratt in partnership with the said church. The project is set to be completed in the last quarter of 2023. The church owns the land property. However, it is under a long-term lease arrangement with the developer.
Church and Developer
The plan is to build a building with 263 apartments, a retail center, and the Skyland Town Center in D.C. Ward 7 on the church-owned land. Thus, the church can benefit from the future price hike of the neighborhood.
On the other hand, the developer can substantially save with the agreement since they no longer need to buy a piece of land.
The project is also well funded by investors. Aside from a construction loan of $43.2 million from Eagle Bank, investors subsidize $72 million into the project. There are also 456 individuals from CrowdStreet, a crowdfunding commercial real estate investment marketplace, who have invested in the development.
What to Expect
The apartment building is designed by Torti Gallas Urban Architects, while the church is under the creativity of FormDesign.
The average size of each unit of the apartment is 672 square feet. This is expected to be open with affordable and competitive prices due to the lower cost of building. The target market for the "affordable luxury" property is young professionals and couples with young children.
Aside from the cost-friendly apartments, the building will have inclusionary zoning units available for tenants who meet income qualifications for affordable housing.
The building is next to Lansburgh Park, which has picnic pavilions, basketball courts, a playground, a dog park, and a community garden.
Venture on I is accessible almost a kilometer away from the Navy-Yard-Ballpark Metro station and the Waterfront Metro station. The commuter routes near the building include Interstates 395, 695, and 295.
Bethel Pentecostal Tabernacle Assembly
The church is under the umbrella of the Assemblies of God. It is committed to fulfilling its four-fold mission: evangelization, worship, discipleship, and compassion.
Reverend Robert F Carter is their current resident pastor.
The church's core beliefs are centered on Salvation, Baptism in the Holy Spirit, Divine Healing, and the Second Coming of Christ.
The church is also active in different ministries that reach out to adults and families, youth, children, leaders and ministries, and education. It also supports several mission works like the A.G. World Missions, A.G. U.S. Missions, Boys and Girls Missionary Challenge (BGMC), Speed the Light, Light for the Lost, and Light the Way.
The national office is located at 1445 N. Boonville Avenue, Springfield, Missouri, where the Fellowship's executive and administrative offices, service divisions and departments, and warehouse are also found.
The church is currently located at # 2102 700 Pennsylvania Ave SE, Washington, D.C. 20003.
