A long-approved 230-unit residential project at 7th and P streets NW in Shaw was listed as under construction, not yet leasing, in UrbanTurf's pipeline, last updated in May 2025, which listed first move-ins for July 2024. In July 2024, its developer, High Street Residential, filed a two-year extension request to keep the PUD approval valid through the end of 2026. The planned 90-foot building has 230 units above roughly 7,440 square feet of retail. High Street Residential cited difficult conditions in the commercial real estate financing market.
High Street Residential is a subsidiary of Trammell Crow, according to UrbanTurf, which reported on July 29, 2024, that the company had filed a two-year extension request. The development team argues the delay traces back to what it describes in its filing as ongoing adverse conditions in the District's commercial real estate development market, a dynamic that has made it harder to line up financing needed to move forward.
What the Developer Has Already Done
The filing notes that High Street Residential has not been idle while waiting on financing. The team has worked with its development partners to prepare permit plans and applied for a building permit for the project, according to the same UrbanTurf report.
The extension request seeks to keep the project's PUD approval valid through the end of 2026. A hearing before the Zoning Commission had not yet been scheduled when the July 2024 report was published.
What's Actually Being Built
The planned building, designed by architect Eric Colbert & Associates, would include an affordable housing component, with 29 of the 230 units affordable to households earning up to 60% of area median income, according to a project page on UrbanTurf's development pipeline. The design also calls for a rooftop pool deck, a public art element facing P Street, 56 vehicular parking spaces, and 65 long-term bicycle spaces.
If approved, the extension would keep the project's PUD approval valid through the end of 2026, giving High Street Residential additional time to pursue the project.
A Tough Market for New Deliveries
The Shaw project's struggle to secure financing reflects broader headwinds across the region. The Washington, D.C., multifamily market showed early signs of stabilization in the second quarter of 2026, with net absorption improving and asking rents rising for the first time in more than a year, according to a report from Northmarq. Still, the District accounted for only about 7% of regional multifamily transaction dollar volume in the first half of the year, a decline from the prior year even as the number of deals increased.
Vacancy remains a lingering concern. The regional multifamily vacancy rate ended 2025 at 5.2%, up 50 basis points from a year earlier, and Northmarq's separate outlook projects vacancy will edge higher still by the end of 2026 despite the second quarter's plateau. At the same time, the region's construction pipeline ended 2025 at its lowest level in a decade, with annual deliveries projected to fall below 10,000 units in 2026 — a slowdown that could eventually work in favor of projects like the one planned for 7th and P.
