The Rail at MLK is a 235-unit mid-rise apartment complex off of E. MLK in the TOD within the Chestnut Plaza redevelopment. LDP purchased the site in May 2016 and has partnered with LDG, an experienced and vertically integrated developer and GC with over 5,000 units in their portfolio. The JV has assembled best in class engineers and architects and submitted a fully approved HUD 221d loan package. This including fully completed architectural construction docs, which have been hard bid by subcontractors, with $36.8MM of debt and equity committed LDP is seeking the final $2.5MM preferred equity investment to finalize the capital stack.
The Rail at MLK is a 5-story 119,593 SF mixed-use building on a 1.2 acre site on the last tract in the Chestnut Plaza development at the MLK TOD and is five floor plans are available for prospective residents to choose from: 400 and 423 SF efficiencies, 540 and 604 SF 1 bd, and 1,014 SF 2 bd. Upper floors on the south and east side of the building will provide stunning views of the downtown skyline, while north and east units will face the Chestnut commons natural stone amphitheater, BMX/skate park, and community garden.