This story comes to us from Leslie Braunstein:

Perseus Realty, LLC (Perseus Realty) of Washington, D.C. and its joint venture partner Jefferson Apartment Group (JAG) of McLean, Virginia will begin construction shortly on a new mixed-use development at 14th and W Streets, N.W. in Washington, D.C. The approximately 300,000 square foot project will have 231 rental apartments, an all-new 44,000 square foot YMCA facility, and over 10,000 square feet of ground-level retail space.  With equity financing from Rockpoint Group, L.L.C. and a $53 million construction loan from Wells Fargo Bank, NA, the development team will begin demolition of the existing buildings in early December. The state-of-the-art YMCA and first apartments will deliver in summer of 2012, with the remaining apartments delivering by fall of 2012.